The outstanding short- and long-term debts of Turkey’s private sector fell in May, according to data revealed by the Central Bank of the Republic of Turkey (CBRT) on Friday.

The private sector’s short-term overseas loans, excluding trade credits, were $7.6 billion (TL 52 billion) in May, down $1.4 billion compared to the end of 2019.

Of the total short-term loans, 78.7% consisted of liabilities of financial institutions, according to the CBRT data, while the rest came from nonfinancial establishments.

A major chunk of the short-term credit, 38%, was in U.S. dollars, while the rest was in euros (36.3%), Turkish liras (24.2%) and other currencies (1.5%).

On the long-term side, the private sector’s external loans totaled $162.3 billion in May, down $17.3 billion from the end of 2019.

As for the sectoral breakdown at the end of May, of the total of long-term loans, 44.4% consisted of liabilities of the financial institutions, whereas 55.6% consisted of debt from nonfinancial organizations.

Most of the long-term loans, 63.6% were in U.S. dollars, followed by the euro and Turkish lira at 32.7% and 3%, respectively.

On the basis of remaining maturity by the end of May, the private sector's total outstanding loans received from abroad amounted to $40.1 billion in principal repayments over the next 12 months, the bank added.