Record streak in short-term external debt continues

According to TCMB data, as of the end of January 2023, external debt with a remaining maturity of 1 year or less increased to 196 billion dollars, extending its record streak to the fourth month. The Central Bank of the Republic of Turkey (TCMB) announced short-term external debt data. Accordingly, as of the end of January, short-term external debt stock increased by 3.5 percent compared to the end of 2022 and amounted to 152.8 billion dollars. During this period, short-term external debt stock originating from banks increased by 4.6 percent to 62.9 billion dollars, while the short-term external debt stock of other sectors increased by 2.8 percent to 56.2 billion dollars. Short-term loans used by banks from abroad decreased by 2.3 percent compared to the end of 2022 and amounted to 10.5 billion dollars. Foreign exchange deposit accounts of non-residents excluding banks increased by 3.7 percent to $21.0 billion, while deposits of non-resident banks increased by 2.0 percent to $17.2 billion. In addition, TL-denominated deposits of non-residents increased by 15.8 percent compared to the end of the previous year and amounted to $14.2 billion. Import debts under other sectors increased by 2.3 percent compared to the end of 2022 and were monitored at $50.3 billion. When examined on a debtor basis, the short-term debt of the public sector, which consists entirely of public banks, increased by 10.0 percent compared to the end of 2022 and amounted to $31.8 billion, while the short-term external debt of the private sector increased by 1.7 percent to $87.4 billion. When examined on a creditor basis, short-term debts to monetary institutions under the title of private creditors increased by 3.9 percent compared to the end of the year, reaching USD 76.6 billion, while debts to non-monetary institutions increased by 3.0 percent, reaching USD 75.3 billion. Short-term bond issuances, which were USD 676 million at the end of 2022, amounted to USD 804 million as of the end of January 2023. In the same period, short-term debts to official creditors were recorded as USD 92 million. As of the end of January 2023, the short-term external debt stock, calculated using external debt data with 1 year or less remaining to maturity, regardless of its original maturity, amounted to USD 196 billion. USD 16.6 billion of this stock consists of debts of banks resident in Turkey and the private sector to their foreign branches and affiliates. When evaluated on a debtor basis, it is observed that the public sector has a share of 21.9 percent, the Central Bank 17.2 percent, and the private sector 60.9 percent of the total stock. As of the end of January 2023, the foreign exchange composition of the short-term external debt stock was 45.2 percent in dollars, 25.8 percent in euros, 10.5 percent in TL, and 18.5 percent in other currencies.