Turkey: Private Sector’s Foreign Loans Decline Compared to Last Year

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The Turkish private sector’s outstanding loans from abroad fell in March compared to the end of last year, the country’s Central Bank announced Monday.

Long-term debts hit $177.6 billion as of March, falling $3 billion from end-2019, with 42.2% held by financial institutions.

Some 61.8% of Turkish private sector long-term debt was in US dollars, with 33.5% in euros, 3% in Turkish liras, and 1.7% in other currencies.

The private sector’s short-term loans – debt that must be paid in the next 12 months – also fell $1.2 billion to $7.8 billion in the same period.

Financial institutions held 76.2% of the short-term loans, while 23.8% consisted of liabilities of non-financial institutions.

“Regarding the currency composition of the total short-term loans, 43.2% consists of US dollars, 33.2% consists of euros, 22.9% consists of Turkish liras, and 0.7% consist of other currencies,” it said.

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