Turkey's short-term external debt surges to $162.8 billion by June 2023
The short-term external debt stock in Turkey at the end of June amounted to $162.8 billion, marking an increase of 9.2% compared to the end of the previous year, ANKA news agency reported on Thursday, citing statistics from the Turkish Central Bank.
During this period, the short-term external debt stock originating from banks increased by 2.7% to reach $64.0 billion, while the short-term external debt stock of other sectors increased by 0.8% to reach $54.5 billion.
Short-term loans borrowed by banks from abroad rose by 6.9% compared to the end of 2022, reaching $11.5 billion. Deposits held by non-resident foreigners in banks decreased by 5.6% to $20.4 billion, while deposits held by foreign banks increased by 9.0% to $18.3 billion. Additionally, foreign residents' deposits in Turkish Lira increased by 5.0% to reach $13.8 billion compared to the end of the previous year.
Import-related debts under the category of other sectors decreased by 0.1% to $48.7 billion compared to the end of 2022.
Examining the debt from a borrower's perspective, the short-term debt of the public sector, which consists entirely of state-owned banks, increased by 7.6% to $31.1 billion compared to the end of 2022. Meanwhile, the short-term external debt of the private sector decreased by 0.1% to $87.4 billion.
From the perspective of creditors, short-term debts to monetary institutions under the private creditor category increased by 19.9% to $89.1 billion compared to year-end, while debts to non-monetary institutions decreased by 2.1% to $72.4 billion.
Short-term bond issuances, which were $676 million at the end of the previous year, reached $969 million by the end of June 2023. During the same period, short-term debts to official creditors amounted to $268 million.
As of the end of June, the composition of the short-term external debt stock in terms of currencies stood at 48.2% in US dollars, 25.1% in euros, 9.3% in Turkish Lira, and 17.4% in other currencies.
According to the Central Bank's data, as of the end of June, using the remaining maturity data calculated based on short-term external debt with a maturity of 1 year or less, regardless of the original maturity, the stock amounted to $206.2 billion. Out of this stock, $16.6 billion consisted of debts owed by domestic banks and the foreign branches and subsidiaries of the private sector. When analyzed by borrowers, the total stock showed that the public sector had a 19.8% share, the Central Bank had a 21.5% share, and the private sector had a 58.7% share.