Posted by meb at February 19th, 2013
Foreign financing debts of the Turkish private sector rose by $11.2 billion between December of 2011 and 2012, according to data released by the Central Bank of Turkey on Tuesday.
The increase adds to existing debt and brings the total amount of foreign debt owed by Turkish businesses to $137.6 billion at the end of 2012. When evaluating the numbers against the data of the previous year, the loans of non-banking financial intuitions increased by almost $1 billion while the loans of non-financing institutions rose by $3.2 billion.
Also, the data showed that out of $137.6 billion, 59.7 percent of the loans were taken out in dollars and 34.9 percent in euros, with the remaining in other currencies. The loans taken out by non-financial institutions take up a share of 61.4 percent in total debt with a value of $84.4 billion. Of this debt, 59.4 percent is held by the service sector, 39.9 percent by industry and 0.7 percent by agriculture.