The Turkish private sector’s outstanding external loans narrowed in June from the end of December 2019, the Turkish Central Bank said Wednesday. 

Excluding trade credits, the sector’s short-term loans received from abroad hit $8.5 billion as of this June, falling $509 million from end-2019.

The liabilities of financial institutions constituted 79.8% of all short-term loans.

Broken down by currency, a major chunk of Turkey’s short-term credit, 41% was in euros, with 35.3% in US dollars, 22.3% in Turkish liras, and 1.4% in other currencies.

The central bank data showed the long-term debts of the sector during the same period also slipped from $17.9 billion to $161.6 billion.

Some 44% of the total long-term foreign loans were owed by financial institutions.

Most of the long-term loans, 63.4%, were in the US dollar, followed by the euro (33.2%) and Turkish lira (2.7%).

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