Money

Foreign loan burden on Turkish private sector falls

Outstanding short- and long-term foreign debts of sector as of March slip $1.2B and $3B respectively from end of 2019

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.

Source
Anadolu Agency

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button