Turk­ish pri­vate sec­tor’s over­seas debt in­creases

Kuwait Times - - BUSINESS -

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.

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