NEWS Finance        17/11/2020

Turkey’s short-term external debt stock is USD 134 billion as of September 2020

The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 134 billion as of the end of September 2020, which is an increase of 8.8% 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 – September 2020


Short-term external debt stock recorded USD 134.0 billion at the end of September, indicating an increase of 8.8 percent compared to the end of 2019. Specifically, in this period, banks’ short-term external debt stock increased by 1.9 percent to USD 57.1 billion and other sectors’ short-term external debt stock decreased by 4.8 percent to USD 55.9 billion.


Short-term FX loans of the banks received from abroad increased by 21.4 percent to USD 9.3 billion. FX deposits of non-residents (except banking sector) within residents banks increased by 1.7 percent in comparison to the end of 2019 recording USD 21.4 billion, and FX deposits of non-resident banks recorded USD 11.5 billion decreasing by 15.6 percent. In addition, non-residents’ Turkish lira deposits increased by 8.7 percent and recorded USD 14.8 billion.


Trade credits due to imports under other sectors recorded USD 50.7 billion reflecting an increase of 0.1 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 4.7 percent to USD 26.2 billion and the short-term debt of private sector decreased by 3.3 percent to USD 86.8 billion compared to the end of 2019.


From the creditors side, short-term debt to monetary institutions under private creditors item increased by 27.0 percent to USD 57.5 billion and short-term debt to non-monetary institutions decreased by 2.0 percent to USD 75.9 billion. Short-term bond issues amounted to 502 million as of the end of September increasing from USD 67 million observed at the end of 2019. In the same period, short-term debt to official creditors recorded USD 103 million.


As of end of September, the currency breakdown of short-term external debt stock composed of 43.2 percent US dollars, 29.0 percent euro, 12.3 percent Turkish lira and 15.5 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 182.5 billion, of which USD 15.1 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad. From the borrowers side, public sector accounted for 22.6 percent, Central Bank accounted for 11.5 percent and private sector accounted 65.9 percent in total stock.”


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