The private sector's long-term foreign debt decreased by $3.3 billion in January, to $164.1 billion in December 2014, the Central Bank of the Republic of Turkey (CBRT) disclosed on Friday. However, the sector's short-term foreign debt, which must be paid in the next 12 months, increased by $613 million to $45 billion over the same period.

Data released by the bank indicated that more than half of Turkey's private sector long-term debt was in dollars, at 62.3 percent, with 30 percent in euros and 5.8 percent in Turkish liras. Moreover, 56.2 percent of short-term debt was in dollars, with 33 percent in euros and 10.5 percent in liras. According to the CBRT, principal repayments will be $72 billion for the next 12 months. More than 50 percent of foreign credit to Turkish private companies comes from EU countries, particularly Germany, the U.K. and the Netherlands.