The Turkish Central Bank (TCMB) has reported Turkey's short-term external debt stock (maturing within one year or less) as USD 138.7 billion as of 2020 yearend, which is an increase of 12.9% 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 – December 2020
Short-term external debt stock recorded USD 138.7 billion at the end of December, indicating an increase of 12.9 percent compared to the end of 2019. Specifically, in this period, banks’ short-term external debt stock increased by 4.1 percent to USD 58.0 billion and other sectors’ short-term external debt stock increased by 1.0 percent to USD 59.3 billion.
Short-term FX loans of the banks received from abroad increased by 17.3 percent to USD 8.9 billion. FX deposits of non-residents (except banking sector) within residents banks decreased by 4.6 percent in comparison to the end of 2019 recording USD 20.1 billion, and FX deposits of non-resident banks recorded USD 13.2 billion decreasing by 1.1 percent. In addition, non-residents’ Turkish lira deposits increased by 15.3 percent and recorded USD 15.7 billion.
Trade credits due to imports under other sectors recorded USD 53.4 billion reflecting an increase of 5.4 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 2.5 percent to USD 25.6 billion and the short-term debt of private sector increased by 2.5 percent to USD 91.7 billion compared to the end of 2019.
From the creditors side, short-term debt to monetary institutions under private creditors item increased by 35.3 percent to USD 61.0 billion and short-term debt to non-monetary institutions decreased by 0.2 percent to USD 77.3 billion. Short-term bond issues amounted to 456 million as of the end of December increasing from USD 67 million observed at the end of 2019. In the same period, short-term debt to official creditors recorded USD 84 million.
As of end of December, the currency breakdown of short-term external debt stock composed of 43.6 percent US dollars, 28.3 percent euro, 13.1 percent Turkish lira and 15.0 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 188.8 billion, of which USD 16.4 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad. From the borrowers side, public sector accounted for 22.0 percent, Central Bank accounted for 11.3 percent and private sector accounted 66.7 percent in total stock.”