Private sector's foreign debt down in May

Published 16.07.2018 21:30

The Turkish private sector's outstanding loans originating from abroad declined in May compared to the previous month, the central bank announced yesterday.

The private sector's short-term loans - excluding trade credits - amounted to $19.7 billion as of May, down some $500 million from the end of April, the Central Bank of the Republic of Turkey (CBRT) said.

Official figures showed that long-term loans totaled $222.8 billion as of May, falling nearly $2.5 billion month-on-month.

The bank noted that short-term loans recorded an increase of $1.6 billion compared to the end of 2017 while long-term loans rose $726 million in the same period.

"As for the sectoral breakdown by the end of May, of total long-term loans in the amount of $222.8 billion, 50.8 percent consists of liabilities of financial institutions, whereas 49.2 percent consist of the liabilities of non-financial institutions," it said.

"In the same period, of the total short-term loans in the amount of $19.7 billion, 75.4 percent consists of liabilities of the financial institutions, whereas 24.6 percent consist of liabilities of non-financial institutions," the CBRT added.

Pointing at the currency composition, the bank stated that 60 percent of long-term loans are in U.S. dollars, 34 percent in euros, 4.3 percent in the Turkish lira and 1.7 percent are of other currencies.

"The private sector's total outstanding loans received from abroad based on remaining maturity basis point to principal repayments in the amount of $69.5 billion for the next 12 months by the end of May," the central bank noted.

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