Kazakhstan's manufacturing remained under pressure in May, PMI data shows
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The foreign exchange liabilities of Turkey’s non-financial firms moved up by 0.59% m/m to $339bn at end-April, while their FX assets increased by 3% y/y to $118bn, central bank data showed on July 3. Consequently, the net short FX position of the non-financial firms slightly declined by 0.66% y/y to $221bn at end-April.
Short FX positions leave companies vulnerable to currency fluctuations and the Turkish lira has endured a collapse against the dollar in the year to date.
Turkey’s gross external debt stock rose by 3% q/q and 12% y/y to reach $467bn by the end of March, the Treasury said on June 29.
The private sector's share in the country’s total gross external debt stood at 70% or $325bn at the end of March 2018.
Turkey's net external debt stock also increased by 4% q/q and 13% y/y to $303bn as of the end of March 2018.
Heavy dependence on external borrowing is a worrying reality in Turkey due to the country's chronic current account deficit. Debt-financed consumption has been the prime feature of the surging economic growth achieved by Turkey during much of the past decade, while the private sector’s share in total external borrowing has been on the rise in recent years.
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Kazakhstan's manufacturing remained under pressure in May, PMI data shows
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