Turkish private sector’s overseas debt increases
I S TA N B U L :
The long-term, overseas debt of Turkey’s private sector increased 6.3 percent in the first ten months of this year to $207.6 billion, central bank data showed yesterday. Of that, 59.5 percent was denominated in dollars and 33.7 percent in euro, the central bank said. The remaining 6.8 percent was denominated in Turkish lira and other currencies, it said. The recent sell-off in the lira currency is likely to make it more expensive for Turkish companies to repay debt borrowed in dollars. The lira, which saw its worst month in November since the 2008 financial crisis, is down 16 percent this year, hit by widening security fears and the surging dollar. The private sector’s shortterm overseas debt decreased 18 percent in the first ten months of this year, to $16.8 billion, the data also showed.