NEWS Finance        20/07/2020

Turkey’s short-term external debt stock is USD 123.5 billion as of May 2020

The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 123.5 billion as of the end of May 2020, which is a decrease of 0.1% 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 – May 2020


Short-term external debt stock recorded USD 123.5 billion at the end of May, indicating a decrease of 0.1 percent compared to the end of 2019. Specifically, in this period, banks’ short-term external debt stock decreased by 2.1 percent to USD 55.0 billion and other sectors’ short-term external debt stock decreased by 16.8 percent to USD 49.1 billion.


Short-term FX loans of the banks received from abroad decreased by 5.8 percent to USD 7.3 billion. FX deposits of non-residents (except banking sector) within residents banks decreased by 0.2 percent in comparison to the end of 2019 recording USD 21.0 billion, and FX deposits of non-resident banks recorded USD 11.2 billion decreasing by 18.2 percent. In addition, non-residents’ Turkish lira deposits increased by 13.2 percent and recorded USD 15.4 billion.


Trade credits due to imports under other sectors recorded USD 43.2 billion reflecting a decrease of 14.7 percent compared to the end of 2019.


From the borrowers side, the short-term debt of public sector, which consists of public banks, increased by 2.6 percent to USD 25.7 billion and the short-term debt of private sector decreased by 13.0 percent to USD 78.4 billion compared to the end of 2019.


From the creditors side, short-term debt to monetary institutions under private creditors item increased by 19.7 percent to USD 54.7 billion and short-term debt to non-monetary institutions decreased by 11.9 percent to USD 68.3 billion. Short-term bond issues increased by 149.3 percent to 167 million as of the end of May increasing from USD 67 million observed at the end of 2019. In the same period, short-term debt to official creditors recorded USD 323 million.


As of end of May, the currency breakdown of short-term external debt stock composed of 41.8 percent US dollars, 28.0 percent euro, 14.1 percent Turkish lira and 16.1 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 169.5 billion, of which USD 16.0 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad. From the borrowers side, public sector accounted for 23.2 percent, Central Bank accounted for 11.4 percent and private sector accounted 65.4 percent in total stock.”

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