Short-term External Debt Stock Increased by 2.3% as of the End of October

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Short-term External Debt Stock Increased by 2.3% as of the End of October

As of the end of October, the short-term external debt stock reached 180.1 billion USD, representing an increase of 2.3% compared to the end of 2023.

According to the statement from the Central Bank, during this period, short-term external debt stock from banks increased by 20.1%, reaching 82.2 billion USD, while other sectors' short-term external debt stock decreased by 1.5% to 60.4 billion USD.

The statement noted: “Short-term loans utilized by banks from abroad increased by 81.7%, amounting to 22.8 billion USD compared to the end of 2023. The foreign currency deposit accounts of non-bank foreign residents decreased by 2.0% to 19.6 billion USD, and deposits from foreign resident banks also decreased by 9.0% to 18.8 billion USD. Additionally, deposits in Turkish Lira by foreign residents increased by 38.2% to 20.9 billion USD compared to the end of the previous year.

Import debts, categorized under other sectors, saw a decrease of 2.8%, resulting in a total of 52.8 billion USD. When examined on a debtor basis, short-term debt of the public sector increased by 15.5% to 39.8 billion USD, while short-term external debt of the private sector rose by 7.9% to 102.8 billion USD.

On a creditor basis, short-term debts to monetary institutions under the title of private creditors increased by 0.5% to 96.0 billion USD, while debts to non-monetary institutions decreased by 1.8% to 77.1 billion USD. Short-term bond issuances, which were 1.7 billion USD at the end of 2023, reached 6.9 billion USD by the end of October 2024. During the same period, short-term debts to official creditors amounted to 47 million USD.

As of the end of October 2024, the currency composition of the short-term external debt stock consists of 47.3% in USD, 21.2% in Euro, 16.4% in TL, and 15.1% in other currencies.

Using data on external debt with a remaining maturity of one year or less, the short-term external debt stock, irrespective of the original maturity, reached 236.1 billion USD. Of this stock, 22.9 billion USD consists of debts from banks and foreign branches and affiliates of the private sector located in Turkey. When evaluated on a debtor basis, it is observed that the public sector accounts for 23.4%, the Central Bank for 15.9%, and the private sector for 60.7% of the total stock.