Short-term external debt in Türkiye hits USD176.4 billion at end of September
Date
11/20/2024 3:25:42 AM
(MENAFN) At the close of September, Türkiye's short-term external debt reached USD176.4 billion, showing a marginal increase of 0.1 percent compared to the end of 2023, according to the latest data released by the country’s Central Bank. This indicates a stable but slightly rising debt burden for Türkiye's short-term external obligations.
The breakdown reveals a notable rise in the short-term external debt of banks, which increased by 15.5 percent, reaching USD79 billion. In contrast, the short-term external debt of other sectors, which encompasses businesses outside of the banking industry, saw a decline of 3.9 percent, settling at USD59 billion. These figures reflect varying dynamics in debt accumulation across different sectors of the economy.
A closer look at the sources of the debt shows a significant rise in short-term foreign exchange loans taken by Turkish banks, which surged by 60.8 percent to USD20.3 billion. Meanwhile, foreign exchange deposits from non-residents in Turkish banks decreased by 1.2 percent, totaling USD19.8 billion. Additionally, trade credits related to imports by other sectors fell by 5.7 percent, amounting to USD51.2 billion, suggesting some contraction in trade activity during the period.
In terms of sectoral contributions to short-term debt, public sector short-term borrowing, primarily from public banks, rose by 14.8 percent, reaching USD39.6 billion. On the other hand, private sector short-term debt saw a more modest increase of 3.3 percent, totaling USD98.4 billion. The currency composition of Türkiye's short-term external debt stock is predominantly in US dollars (47.3 percent), followed by euros (22.4 percent), Turkish lira (14.8 percent), and other currencies (15.5 percent). When accounting for the remaining maturity, Türkiye's total short-term external debt, including obligations due within a year, stood at USD344.1 billion, with USD21.4 billion held by resident banks and private sector affiliates abroad.
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