Turkish private sector's foreign debt down to $155.4B

By Gokhan Ergocun

ISTANBUL (AA) — The loans received by Turkish private sector's from foreign countries totaled $155.4 billion as of May, down by $2.5 billion versus the end of last year, the country's Central Bank revealed on Friday.

The bank said long-term loans amounted to $146.4 billion, down by $3.3 billion, while short-term loans totaled $9 billion, increasing $849 million from the end of 2022.

Some 59.6% of the long-term loans were denominated in US dollars, while 35.5% were in euros, 2.3% in Turkish liras, and 2.6% in other currencies.

On the short-term side, the euro's share was 39.3%, while the dollar's was 36.9%, the lira's 17.1%, and other currencies' (6.7%).

The Central Bank said $40.9 billion of principal repayments would be made over the next 12 months by the end of May.