Total short-term external debt reaches $170.9 billion in July's record-breaking figure
In a recent report, the Central Bank of Turkey has revealed the current state of the country's short-term external debt. The total short-term external debt stock at the end of July was reported to be $223.3 billion, representing an increase of 1.1% from the previous month's $169 billion. The breakdown of the debt stock shows that 36% is held in U.S. dollars, 26% in euros, 23% in Turkish liras, and 15% in other currencies.
One of the notable changes in the report is the decrease in Turkish banks' short-term foreign exchange (FX) loans from abroad, which dropped by 3.5% to $9.8 billion. However, the banks' short-term external debt increased by 1.3% to $74.4 billion.
Furthermore, the short-term external debt of other sectors increased by 2.1% to $67.7 billion. The Central Bank did not provide specific details about the sectors that contributed to this increase.
On the other hand, foreign exchange deposits of non-residents in local banks fell by 2% to $19.5 billion. FX deposits of non-residents, excluding the banking sector, recorded $20.9 billion, decreasing by 0.2%.
Liabilities arising from cash loans increased 6.6 percent to $5.3 billion in July. Trade credit liabilities linked to foreign trade transactions rose 1.7 percent to $62.4 billion in the same month.
Interestingly, the non-residents' Turkish Lira deposits increased by 7.8 percent to $24.2 billion.
It is important to note that the Central Bank did not mention any changes in short-term external debt for the government sector in the stated period. Additionally, the Central Bank did not provide any forecasts or projections about the future trend of Turkey's short-term external debt.
The report provides valuable insights into the current state of Turkey's short-term external debt and offers a basis for further analysis and potential future predictions.
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