The Central Bank of Turkey announced that Turkey’s short-term external debt stock increased by 0.1% until the end of September 2024 compared to the end of 2023, reaching $176.4 billion.
According to the report, Turkish banks increased the volume of loans from abroad by 60.8%, borrowing $20.3 billion.
According to data from the Central Bank of Turkey, the short-term debt of the public sector, made up entirely of public banks, rose significantly by 14.8% to $39.6 billion, and at the same time, the short-term external debt of the private sector rose by 3.3% to $98.4 billion.
The stock of short-term external debt originating from banks increased by 15.5% to $79 billion compared to the end of 2023, while the stock of short-term debt to other sectors decreased by 3.9% to $59 billion.
Deposits held by non-resident foreign entities, excluding banks, decreased by 1.2% to $19.8 billion. Deposits held by foreign banks also decreased by 4.4%, reaching $19.8 billion.
Non-resident deposits in Turkish lira increased significantly by 26.8%, reaching $19.2 billion.
The private sector leads in external debt
The foreign currency composition of Turkey’s short-term external debt stock was reported to be 47.3% in US dollars, 22.4% in euros, 14.8% in Turkish lira, and 15.5% in other currencies.
Regarding the distribution of debtors, the public sector shared 23.7%, the central bank 16.5%, and the private sector 59.8%.
Based on the remaining maturity – regardless of the original maturity – the stock of short-term external debt maturing in one year or less was $233.1 billion. Of this amount, $21.4 billion was debt owed by Turkish banks and private sector entities to their branches and subsidiaries abroad.
