Economy

Turkish private sector's foreign debt falls in July

Short-term external loans at $9.5B, long-term loans total $163.8B, says Central Bank

Aysu Bicer   | 16.09.2021
Turkish private sector's foreign debt falls in July

ANKARA

The Turkish private sector’s outstanding external loans stood at $173.3 billion in July, decreasing by $130 million compared to the end of 2020, the Turkish Central Bank said on Thursday.

Excluding trade credits, the sector’s short-term loans received from abroad were at $9.5 billion in July, down $240 million from the end of last year.

Liabilities of financial institutions constituted 83.2% of all short-term loans.

Broken down by currency, a major chunk of Turkey’s short-term credit – 38.2% – was in US dollars, with 34.5% in euros, 23.8% in Turkish liras, and 3.5% in other currencies.

The private sector’s long-term debts increased by $110 million to hit $163.8 billion in July.

Some 40.7% of the total long-term foreign loans were owed by financial institutions, according to the latest data.

Most of the long-term loans – 61% – were in US dollars, followed by 34.9% in euros, and 2.3% in Turkish liras.

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