The Turkish private sector's outstanding foreign loans shrank in July compared to the end of 2019, the Central Bank of the Republic of Turkey (CBRT) announced Wednesday.

The short-term loans – excluding trade credits – of the sector received from abroad came to $8.5 billion (TL 63.70 billion) as of July 2020, down $199 million from the end of December 2019.

Some 83.5% of short-term loans consisted of the liabilities of financial institutions, the bank said.

Broken down by currency, the majority of Turkey's short-term credit consists of 43.4% in euros, 39.3% in U.S. dollars, 15.1% in Turkish lira and 2.2% in other currencies.

The private sector's long-term debts fell by $16.8 billion to $162.2 billion in the same period.

The bank said 43.7% of the total long-term foreign loans were owed by financial institutions.

"Regarding the currency composition of total long-term loans, 62.8% consisted of U.S. dollars, 34% euros, 2.5% Turkish liras and 0.7% of other currencies," it said.

The private sector's total outstanding loans received from abroad, based on a remaining maturity basis, pointed to principal repayments of $41.9 billion for the next 12 months by the end of July.