Turkey’s gross external debt stock declined by 2% q/q to $457bn by the end of June from a record high of $467bn at the end of March, the Treasury said on September 28.

The gross debt stock rose by 11% y/y to a revised $455bn at the end of 2017.

Treasury data also showed that Turkey is obliged to repay a total of $45bn in foreign debts across August-December, $37bn of which is to be paid by the private sector. The private sector will repay $34.7bn in principal payments and $2.4bn in interest.

The private sector's share in the country’s total gross external debt slightly declined to 69% or $317bn at end-June from 70% or $325bn at the end of March 2018.

Turkey’s overall eurobond stock also declined to $117bn at end-June, including $42bn worth of bonds issued by the private sector, from $119bn at end-March. Turkey’s short-term foreign bond debt rose to $148mn, $138mn of which is attributed to the private sector, from $137mn at end-Q1.

Turkey’s gross external debt stock corresponded to 51.8% of GDP as of the end of June, lower than the 52.9% recorded at the end of March. The ratio stood at 53.4% at the end of 2017.

Turkey's net external debt stock also decreased by 1% q/q to $300bn as of the end of June. 

The net external debt stock moved up by 15% y/y to $291bn at the end of 2017 from $254bn at the end of 2016.

The net external debt stock to GDP ratio declined to 34.1% from 34.3% at the end of Q1.

The net external debt stock stood at a revised 29.5% of GDP at the end of 2016 and 34.2% at the end of 2017.

Turkey’s external debt maturing within one year or less regardless of the original maturity rose by 1% m/m to stand at $181.3bn as of end-July compared to $179.1bn at the end of June, according to the latest data from the central bank.

As of end-July, the Turkish private sector’s scheduled total loan debt repayments by the end of 2018 amount to $34.7bn, data from the central bank previously showed on September 19.