NEWS Finance        20/02/2020

Turkey’s short-term external debt stock is USD 118.2 billion as of December 2019

The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 118.2 billion as of the end of December 2019, which is a 4.3% increase on the figure as of 2018 yearend.


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


Short-Term External Debt Statistics Developments – December 2019


Short-term external debt stock recorded USD 118.2 billion at the end of December, indicating an increase of 4.3 percent compared to the end of 2018. Specifically, in this period, banks’ short-term external debt stock decreased by 1.7 percent to USD 56.2 billion and other sectors’ short-term external debt stock increased by 6.6 percent to USD 53.6 billion.


Short-term FX loans of the banks received from abroad decreased by 29.7 percent to USD 7.8 billion. FX deposits of non-residents (except banking sector) within residents banks increased by 11.0 percent in comparison to the end of 2018 recording USD 21.1 billion, and FX deposits of non-resident banks recorded USD 13.7 billion increasing by 5.0 percent. In addition, non-residents’ Turkish lira deposits decreased by 2.9 percent and recorded USD 13.6 billion.


Trade credits due to imports under other sectors recorded USD 45.3 billion reflecting an increase of 13.6 percent compared to the end of 2018.


From the borrowers side, the short-term debt of public sector, which consists of public banks, decreased by 3.1 percent to USD 21.8 billion and the short-term debt of private sector increased by 3.6 percent to USD 88.0 billion compared to the end of 2018.


From the creditors side, short-term debt to monetary institutions under private creditors item decreased by 5.6 percent to USD 45.7 billion and short-term debt to non-monetary institutions increased by 11.9 percent to USD 72.1 billion. Short-term bond issues decreased by 32.3 percent to 67 million as of the end of December decreasing from USD 99 million observed at the end of 2018. In the same period, short-term debt to official creditors recorded USD 409 million.


As of end of December, the currency breakdown of short-term external debt stock composed of 48.1 percent US dollars, 30.9 percent euro, 13.3 percent Turkish lira and 7.7 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 168.2 billion, of which USD 18.0 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad. From the borrowers side, public sector accounted for 18.1 percent, Central Bank accounted for 5.0 percent and private sector accounted 76.9 percent in total stock.”


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