SHAFAQNA TURKEY – Foreign debt maturing less than a year has exceeded $207 billion, reaching a new record high.
Short-term external debt statistics for May 2023 were published by the Central Bank of the Republic of Turkey (CBRT). Accordingly, the volume of short-term external debt increased by 11.1 percent compared to the end of 2022 and reached $165.6 billion.
During this period, the volume of short-term external debt of banks increased by 4.3 percent to $64.9 billion, while the volume of short-term external debt of other sectors increased by 4.1 percent to $56.3 billion.
Short-term loans used by banks from abroad increased by 5.6 percent compared to the end of 2022 and reached $11.3 billion.
Foreign currency deposits of non-residents, excluding banks, decreased by 4.8 percent to $20.6 billion, while deposits of non-resident banks increased by 1.2 percent to $17 billion.
In addition, non-residents’ deposits in TL increased by 22.1 percent compared to the end of the previous year and reached $16.1 billion.
Import debt in other industries increased by 3.5 percent compared to the end of 2022 and reached $50.4 billion.
The short-term external debt of the private sector is $88.6 billion.
When analyzed by debtor, short-term debt of the public sector, which consists entirely of state-owned banks, increased by 12.9 percent compared to the end of 2022 and reached $32.6 billion, while short-term external debt of the private sector increased by 1.3 percent to $88.6 billion.
On a creditor-based analysis, short-term debt to financial institutions by private creditors increased by 21.1 percent year-to-date to $90 billion, while debt to non-monetary institutions increased by 0.5 percent to $74.4 billion. dollars.
About half a dollar
Short-term bond issues, which stood at $676 million at the end of 2022, were worth $926 million by the end of May 2023. During the same period, short-term debt to official creditors totaled $298 million.
As of the end of May 2023, the structure of short-term external debt in foreign currency consisted of 47.5 percent in dollars, 24.7 percent in euros, 10.6 percent in Turkish lira and 17.2 percent in other currencies.
20 percent of the population, 21 percent of the Central Bank
Again, at the end of May, short-term external debt by remaining maturity, calculated using data on external debt with a maturity of 1 year or less, regardless of its original maturity, amounted to $207.3 billion.
Part of the said capital of $17.2 billion consisted of debts to foreign affiliates and subsidiaries of Turkish banks and the private sector. When assessed on the basis of debtors, it was seen that the share of the public sector accounted for 20.9 percent, the share of the Central Bank – 21.4 percent, and the share of the private sector – 57.7 percent of total assets.
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