NEWS Finance        18/06/2020

Turkey’s short-term external debt stock is USD 115.2 billion as of April 2020

The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 115.2 billion as of the end of April 2020, which is a decrease of 6.8% on the figure as of 2019 yearend.


The Bank gave the following analysis of Turkey’s short-term external debt stock figure:


Short-Term External Debt Statistics Developments – April 2020


Short-term external debt stock recorded USD 115.2 billion at the end of April, indicating a decrease of 6.8 percent compared to the end of 2019. Specifically, in this period, banks’ short-term external debt stock decreased by 4.9 percent to USD 53.5 billion and other sectors’ short-term external debt stock decreased by 11.2 percent to USD 52.4 billion.


Short-term FX loans of the banks received from abroad decreased by 9.6 percent to USD 7.0 billion. FX deposits of non-residents (except banking sector) within residents banks decreased by 0.9 percent in comparison to the end of 2019 recording USD 20.9 billion, and FX deposits of non-resident banks recorded USD 11.3 billion decreasing by 17.6 percent. In addition, non-residents’ Turkish lira deposits increased by 4.5 percent and recorded USD 14.2 billion.


Trade credits due to imports under other sectors recorded USD 45.8 billion reflecting a decrease of 9.5 percent compared to the end of 2019.


From the borrowers side, the short-term debt of public sector, which consists of public banks, decreased by 1.0 percent to USD 24.8 billion and the short-term debt of private sector decreased by 10.1 percent to USD 81.1 billion compared to the end of 2019.


From the creditors side, short-term debt to monetary institutions under private creditors item decreased by 4.3 percent to USD 43.8 billion and short-term debt to non-monetary institutions decreased by 8.3 percent to USD 70.9 billion. Short-term bond issues increased by 185.1 percent to 191 million as of the end of April increasing from USD 67 million observed at the end of 2019. In the same period, short-term debt to official creditors recorded USD 301 million.


As of end of April, the currency breakdown of short-term external debt stock composed of 47.2 percent US dollars, 29.7 percent euro, 14.4 percent Turkish lira and 8.7 percent other currencies.


Short-term external debt stock on a remaining maturity basis, calculated based on the external debt maturing within 1 year or less regarding of the original maturity, recorded USD 164.6 billion, of which USD 16.5 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad. From the borrowers side, public sector accounted for 23.9 percent, Central Bank accounted for 5.7 percent and private sector accounted 70.4 percent in total stock.”

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