Turkish private sector foreign debt falls

Central Bank says country's private sector saw short and long-term debts fall $2.7B and $9.1B since end-December 2017

Turkish private sector foreign debt falls

The Turkish private sector’s outstanding loans received from abroad decreased this October from the end of December 2017, the country's Central Bank announced Friday.

The sector's long-term debts reached $213 billion as of October, down $9.1 billion from the end of last year, the Turkish Central Bank said in a statement.

The bank also said the sector's short-term loans -- debt that must be paid in the next 12 months -- fell $2.7 billion to $15.9 billion during the same period. 

"As for the sectoral breakdown by the end of October, of the total long-term loans in the amount of $213.0 billion, 48.3 percent consist of liabilities of the financial institutions, whereas 51.7 percent consists of the liabilities of the non-financial institutions," the statement said.

Nearly 60 percent of Turkey's private sector long-term debt was in U.S. dollars, with 34.7 percent in euros, 3.8 percent in Turkish liras, and 1.6 percent in other currencies.