Short-term external debt stock rises by 0.1% to $176.4 billion

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Short-term external debt stock rises by 0.1% to $176.4 billion

As of the end of September, the short-term external debt stock increased by 0.1% compared to the end of 2023, reaching 176.4 billion USD. According to a statement from the Central Bank of the Republic of Turkey (TCMB), during this period, the short-term external debt stock of banks rose by 15.5% to 79.0 billion USD, while the short-term external debt stock of other sectors decreased by 3.9% to 59.0 billion USD.

The statement noted: "The short-term loans that banks have used from abroad increased by 60.8% compared to the end of 2023, reaching 20.3 billion USD. The foreign currency deposit accounts of non-bank foreign residents decreased by 1.2% to 19.8 billion USD, while the deposits of foreign resident banks also decreased by 4.4% to 19.8 billion USD. Additionally, the TL deposits of foreign residents increased by 26.8% compared to the end of last year, reaching 19.2 billion USD.

The import debts under other sectors decreased by 5.7% compared to the end of 2023, amounting to 51.2 billion USD.

When examined based on debtors, the short-term debt of the public sector, consisting entirely of public banks, increased by 14.8% compared to the end of 2023, reaching 39.6 billion USD, while the short-term external debt of the private sector rose by 3.3% to 98.4 billion USD.

When analyzed based on creditors, the short-term debts to monetary institutions under the private creditors category decreased by 1.4% compared to the year-end, reaching 94.2 billion USD, while the debts to non-monetary institutions declined by 3.2% to 76.1 billion USD. The short-term bond issuances, which were 1.7 billion USD at the end of 2023, reached 6.0 billion USD by the end of September 2024. During the same period, the short-term debts to official creditors amounted to 47 million USD.

As of the end of September 2024, the currency composition of the short-term external debt stock was comprised of 47.3% in USD, 22.4% in Euro, 14.8% in TL, and 15.5% in other currencies.

As of the end of September 2024, the short-term external debt stock, calculated using the remaining maturity data for debts with a remaining term of one year or less regardless of the original maturity, reached 233.1 billion USD. Of this stock, 21.4 billion USD consisted of debts of banks and the private sector in Turkey to their foreign branches and subsidiaries. When evaluated on the basis of debtors, it is observed that the public sector holds a share of 23.7%, the Central Bank 16.5%, and the private sector 59.8% of the total stock."