External loan burden on private sector falls

ANADOLU AGENCY
ANKARA
Published 20.02.2019 00:07
External loan burden on private sector falls

The amount of outstanding loans that the Turkish private sector received from abroad dropped in December, the Central Bank of the Republic of Turkey (CBRT) announced Tuesday.

The private sector's short-term loans - excluding trade credits - amounted to $15.2 billion, falling $3.3 billion on a yearly basis.

According to official figures, nearly 75 percent of the amount consists of the liabilities of the financial institutions. As of end of 2018, long-term loans went down $10.9 billion year-on-year to $210.6 billion.

According to the bank's statement, non-financial institutions' share in long-term loans was 51.1 percent. "Regarding the currency composition, of the total long-term loans in the amount of $210.6 billion, 59.5 percent consists of U.S. dollar, 34.9 percent consists of euro, 4.2 percent consists of Turkish lira and 1.4 percent consists of other currencies."

"And of the total short-term loans in the amount of $15.2 billion, 43.9 percent consists of U.S. dollar, 34 percent consists of euro, 21.7 percent consists of Turkish lira and 0.4 percent consists of other currencies," the CBRT added.

For the next 12 months, principal repayments of the private sector's total outstanding loans received from abroad amounted to $64.8 billion.

Official figures also revealed that the top three multilateral creditors are the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC).

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