Turkish private sector's foreign debt narrows in January

ANKARA

The Turkish private sector’s outstanding external loans narrowed in January, down by $305 million to $168.6 billion, the Turkish Central Bank said Wednesday.

Excluding trade credits, the sector’s short-term loans received from abroad hit $7.4 billion, decreasing by $76 million in comparison to the end of 2021.

The liabilities of financial institutions constituted 82.7% of all short-term loans whereas 17.3% consists of liabilities of the non-financial institutions.

Broken down by currency, a major chunk of Turkey's short-term credit, 40.3% consists of US dollars, 35.1% of euros, 19.7% of Turkish liras and 4.9% consist of other currencies.

The central bank data showed the long-term debts of the sector during the same period also slipped by $229 million to $161.2 billion.

Some 39.9% of the total long-term foreign loans were owed by financial institutions.

Most of the long-term loans, 63.5%, were in US dollars, followed by euros (33%) and Turkish liras (1.6%).