Turkish private sector's foreign debt drops in October

By Gokhan Ergocun

ISTANBUL (AA) – The Turkish private sector’s outstanding foreign loans amounted to $160.9 billion at the end of October, the country’s Central Bank announced on Thursday.

The figure dropped by $7.5 billion compared to the end of the last year, bank data showed.

Long-term loans totaled $152.7 billion, down by $8.3 billion, while short-term loans – excluding trade credits – increased by $779 million to $8.2 billion.

The majority of long-term loans – 64.8% – were in US dollars, followed by 31.8% in euros, 1.7% in Turkish liras, and 1.7% in other currencies.

For short-term loans, US dollars accounted for 41.6%, while 38% were in euros 38%, 18.4% in Turkish liras, and 2% in other currencies.

The private sector’s total outstanding loans received from abroad, based on a remaining maturity basis, point to principal repayments of $40.4 billion for the next 12 months by the end of October, the bank said.