Turkey’s Short-Term External Debt Stock Drops to $173.2 Billion

Turkey’s short-term external debt stock (STED) decreased by 1.3% month-over-month in February, reaching $173.2 billion, according to a report released by the Central Bank of the Republic of Turkey (CBRT). When calculated based on remaining maturity, which includes all debts due within 12 months regardless of original maturity, the STED stock stood at $223.6 billion.

Bank-Sourced Debt Sees Decline

• The banking sector’s STED stock fell by 3.9% to $77.4 billion.

• In contrast, the CBRT’s short-term liabilities rose slightly by 0.4%, totaling $31.6 billion.

Key breakdowns:

• Domestic banks’ short-term loans from abroad dropped 8.3% to $19.2 billion.

• Foreign banks’ deposits in Turkey rose 1.4% to $18.3 billion.

• Non-bank foreign residents’ FX deposit accounts totaled $18.8 billion, while their Turkish lira deposits declined by 7.2% to $21.1 billion.

Corporate Sector Debt Edges Higher

• Non-bank sectors’ STED stock increased 1.2% to $64.2 billion.

• Of this:

  • Trade credits rose to $59.8 billion.

  • Cash loan liabilities increased to $4.4 billion.

Currency Composition of Short-Term Debt (as of February 2025)

• 35.8% in US dollars

• 25.2% in euros

• 23.7% in Turkish lira

• 15.3% in other currencies

The CBRT report also noted that while liabilities from the central government and CBRT increased, those from the banking and corporate sectors showed a decline.