NEWS Finance        17/09/2020

Turkey’s short-term external debt stock is USD 128.4 billion as of July 2020

The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 128.4 billion as of the end of July 2020, which is an increase of 4.2% 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 – July 2020


Short-term external debt stock recorded USD 128.4 billion at the end of July, indicating an increase of 4.2 percent compared to the end of 2019. Specifically, in this period, banks’ short-term external debt stock increased by 1.2 percent to USD 56.7 billion and other sectors’ short-term external debt stock decreased by 12.3 percent to USD 51.5 billion.


Short-term FX loans of the banks received from abroad increased by 10.2 percent to USD 8.4 billion. FX deposits of non-residents (except banking sector) within residents banks increased by 1.9 percent in comparison to the end of 2019 recording USD 21.5 billion, and FX deposits of non-resident banks recorded USD 11.1 billion decreasing by 18.7 percent. In addition, non-residents’ Turkish lira deposits increased by 15.0 percent and recorded USD 15.7 billion.


Trade credits due to imports under other sectors recorded USD 46.1 billion reflecting a decrease of 8.9 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 9.6 percent to USD 27.4 billion and the short-term debt of private sector decreased by 10.0 percent to USD 80.9 billion compared to the end of 2019.


From the creditors side, short-term debt to monetary institutions under private creditors item increased by 23.9 percent to USD 56.2 billion and short-term debt to non-monetary institutions decreased by 7.5 percent to USD 71.6 billion. Short-term bond issues increased by 368.7 percent to 314 million as of the end of July increasing from USD 67 million observed at the end of 2019. In the same period, short-term debt to official creditors recorded USD 217 million.


As of end of July, the currency breakdown of short-term external debt stock composed of 41.6 percent US dollars, 29.2 percent euro, 13.2 percent Turkish lira and 16.0 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 176.5 billion, of which USD 15.9 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 11.4 percent and private sector accounted 64.7 percent in total stock.”


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