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EXTERNAL DEBT STATISTICS AUGUST 2015 SHORT-TERM DEVELOPMENTS

2015 AUGUST SHORT-TERM EXTERNAL DEBT STATISTICS DEVELOPMENTS

October 19, 2015

Short-term external debt on August 2015 data, the Central Bank of the Republic of Turkey (CBRT) has been published by on October 19, 2015 [1].

Short-term external debt, the basic monthly foreign state stocks of banks, the private sector database that tracks the credit from abroad, Turkey Statistical Institute on commercial loans (TSI) is collected from the import data and Central Bank monthly exchange state resources.

Accordingly, short-term external debt stock decreased by 6.0% (~ 7.9 billion USD) as of August 2015 compared to the end of 2014 and realized as approximately 124.9 billion USD (Figure 1). In the same period, short-term external debt stock of banks decreased by 8.0% to US $ 88.2 billion, while short-term external debt stock stemming from other sectors decreased by 0.4% to US $ 36.5 billion.

Figure 1: Short-Term External Debt Stock (1990: Q1- August 2015, Million USD)

Source: CBRT

70.6% of the short-term external debt stock consists of banks' borrowings. 37.8% of the debts originated from banks are composed of loans. As of the end of August 2015, short-term loans extended by banks from abroad amounted to approximately USD 33.3 billion. This figure indicates a 31.0% contraction in short-term loans compared to end-2014. During the same period, non-residents' FX deposits, bank deposits and TL denominated deposits increased by 16.6%, 20.2% and 5.9%, respectively (Table 1).

On the other hand, short-term borrowings from other sectors increased by 1.3% year-on-year to USD 28.1 billion.

Table 1: Short-Term External Debt Stock (2012: Q1- August 2015, Million USD)

Source: CBRT

When the distribution of short-term external debt stock on a debtor basis is examined, it is seen that the debt of the public sector, which is entirely composed of public banks, decreased by 12.1% as of August 2015 and decreased to USD 15.7 billion. The private sector's short-term external debt stock, which constitutes 87% of short-term external debt stock, decreased by 4.9% (USD 5.7 billion) at the end of August 2015 compared to the end of 2014 and realized as USD 109.0 billion.

When the distribution on creditors is analyzed, it is seen that short-term debts to monetary institutions which make up 59% of private creditors decreased by 11.2% as of end-August 2015 and decreased to USD 73.5 billion. In the same period, short-term debts to non-monetary institutions increased by 4.5% and realized as USD 47.7 billion. As of the end of August 2015, bond issues, which were USD 3.4 billion, contracted by 18.7% compared to the end of 2014.

When the foreign currency composition of short-term external debt stock in August 2005-2015 is analyzed, it is observed that the share of the US dollar is higher than the euro and other currencies, although it decreased by 7 percentage points compared to 2005. As of end-August 2015, 87.2% of the short-term external debt stock consisted of USD, 30.6% euro, 14% TL and 2.8% other foreign currencies (Figure 2).

Figure 2: Foreign Exchange Composition of Short-Term External Debt Stock,% (2005 - August 2015)

Source: CBRT

Finally, as of the end of August 2015, short-term external debt stock with a maturity of one year or less remained at US $ 170.6 billion. Approximately 54.6% of the said stock consists of the debts of private banks. The 31.9 billion US dollars of the resident banks and the private sector in Turkey is composed of debt to subsidiaries and foreign branches. When the external debt stock according to the remaining maturity is taken into consideration on a borrower basis, it is determined that the private sector has the largest share with 87.2%. The shares of the public sector and the Central Bank are 12.4% and 0.4%, respectively.

[1] Since the CBRT revises the data retrospectively every month, the data in the tables in the information notes may vary.

EXTERNAL DEBT STATISTICS AUGUST 2015 SHORT-TERM DEVELOPMENTS

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