Türkiye’s short-term external debt stock picked up by 14.5% to $170.7 billion (TL 4.96 trillion) in October, when compared to the end of 2022, the official data shared by the country’s central bank showed on Friday.

The banks’ short-term external debt stock increased by 5.5% to $65.7 billion and other sectors’ short-term external debt stock surged by 9.5% to $59.2 billion, the Central Bank of the Republic of Türkiye (CBRT) noted.

Short-term foreign exchange loans of the banks received from abroad rose by 16.8% to $12.5 billion.

It added that trade credits due to imports under other sectors recorded $53.2 billion, reflecting an increase of 9.2% compared to the end of 2022.

"From the borrowers’ side, the short-term debt of the public sector, which consists of public banks, increased by 13.3% to $32.7 billion and the short-term debt of the private sector increased by 5.4% to $92.2 billion compared to the end of 2022," the bank added.

As of the end of October, some 50.8% of short-term external debt stock was in U.S. dollars, 23.1% in euros, 9.7% in Turkish liras and the remaining 16.4% in other currencies.

"Short-term external debt stock on a remaining maturity basis, calculated based on the external debt maturing within one year or less regarding the original maturity, was recorded at a level of $219.9 billion, of which $16.3 billion belongs to the resident banks and private sectors to the banks’ branches and affiliates abroad," the CBRT noted.