Turkey's outstanding short-term foreign private sector loans fell in May, the Central Bank of the Republic of Turkey (CBRT) said yesterday.

Excluding trade credits, the private sector's short-term external loans amounted to $12 billion, declining $3.4 billion compared to the end of 2018. The CBRT said that 72.5 percent of all short-term loans consisted of liabilities of financial institutions.

On the long-term side, the private sector's overseas loans totaled $204.5 billion as of May, going down $5 billion from the end of last year.

Financial institution liabilities constituted 48.1 percent of long-term external loans, the bank said.

"Regarding the currency composition, of the total long-term loans in the amount of $204.5 billion. Some 60.9 percent consists of U.S. dollar, 33.9 percent consists of euro, 3.8 percent consists of Turkish lira and 1.3 percent consists of other currencies."

"And of the total short-term loans in the amount of $12 billion, 48.4 percent consists of U.S. dollar, 33.4 percent consists of euro, 18 percent consists of Turkish lira and 0.2 percent consist of other currencies," the CBRT said.

The bank added that principal repayments of the private sector's total outstanding external loans were $58.6 billion for the next 12 months by the end of May.