Short-term debt stock surges 24.5 pct

ANKARA / ISTANBUL

The short-term external debt stock reached $125.7 billion at the end of July, with a 24.5 percent increase compared to the end of 2012, the Central Bank announced yesterday. Specifically in this period, banks’ short-term external debt stock increased by 26.2 percent to $86.2 billion and other sectors’ short-term external debt stock increased by 21.8 percent to $38.5 billion.

While the public sector short-term debt, wholly composed of public banks, increased by 43.2 percent to $15.8 billion, the private sector short-term debt reached $108.9 billion, indicating a 22.5 percent increase in comparison to the fourth quarter of 2012.

According to classification by borrowers, the public sector accounts for 12.6 percent of the total debt stock, the Central Bank accounts for 1.9 percent of it, and the private sector accounts for 85.5 percent.

From the creditors’ side, short-term debt to monetary institutions increased by 26.2 percent to $81.3 billion and short-term debt to non-monetary institutions was recorded at $44.0 billion, reflecting an increase of 20.4 percent compared to the end of 2012. At the end of 2012 there was $13 million in short-term bond issues, amounting to $406 million as of the end of July.