Turkey’s short-term external debt stock decreased by 0.9 percent as of February 2024 compared to the end of 2023, falling to 173.6 billion dollars. When the long-term foreign debt of 53.9 billion dollars, which has a maturity of 1 year or less, is added to this figure, the total of foreign debts to be paid within the next year becomes 227.5 billion dollars.
The Central Bank of the Republic of Turkey (CBRT) shared the Short-Term External Debt Statistics Developments for February 2024. Accordingly, as of February 2024, the short-term external debt stock decreased by 0.9 percent compared to the end of 2023 and reached 173.6 billion dollars. During this period, the short-term external debt stock originating from banks increased by 2.2% and reached 69.9 billion dollars, while the short-term external debt stock of other sectors decreased by 4.5% and reached 57.7 billion dollars.
BANKS’ SHORT-TERM FOREIGN LOANS INCREASED
Short-term loans used by banks from abroad increased by 10.9% compared to the end of 2023, reaching 13.9 billion dollars. Foreign exchange deposit accounts of non-residents, excluding banks, decreased by 4.4% to 19.1 billion dollars, and deposits of non-resident banks decreased by 1.9% to 20.3 billion dollars. In addition, TL deposits of non-residents increased by 9.2% compared to the end of last year, reaching 16.5 billion dollars. Import debts under other sectors decreased by 4.8% compared to the end of 2023 and reached 51.0 billion dollars.
DEBT OF PUBLIC BANKS INCREASED
When examined on a debtor basis, the short-term debt of the public sector, which consists entirely of public banks, increased by 5.5% compared to the end of 2023 and reached 36.4 billion dollars, while the short-term external debt of the private sector decreased by 3.3% and reached 91.2 billion dollars.
When examined on a creditor basis, short-term debts to monetary institutions under the heading of private creditors decreased by 0.2% compared to the end of the year, reaching 95.4 billion dollars, and debts to non-monetary institutions decreased by 4.2%, reaching 74.4 billion dollars. Short-term bond issuances, which were 1.6 billion dollars at the end of 2023, amounted to 3.3 billion dollars as of the end of February 2024. In the same period, short-term debts to official creditors amounted to 500 million dollars.
THE MAJORITY OF THE DEBT IS IN FOREIGN EXCHANGE
As of the end of February 2024, the foreign currency composition of the short-term external debt stock consisted of 51% dollar, 22.2% euro, 10.8% TL and 16% other currencies.
EXTERNAL DEBT TO BE PAID WITHIN 1 YEAR
As of the end of February 2024, the short-term external debt stock was at the level of 227.5 billion dollars, according to the remaining maturity calculated using external debt data with 1 year or less left to maturity, regardless of its original maturity. 19.1 billion dollars of the stock in question consisted of the debts of banks located in Turkey and the private sector to their foreign branches and subsidiaries. When evaluated on a debtor basis, it is observed that the public sector has a 22% share in the total stock, the Central Bank has a 20.2% share, and the private sector has a 57.8% share.
