Turkish private sector to shoulder debt burden
Güncelleme Tarihi:
by NeÅŸe Karanfil - Referans
OluÅŸturulma Tarihi: Åžubat 24, 2009 00:00
ANKARA - Turkey's private sector faces a bottleneck in 2009, when $30.2 billion in long-term company debt will mature.
Due to the global economic crisis, companies put the brakes on borrowing in foreign currency in October and November, but in December they started borrowing heavily from abroad, Central Bank data shows. Â
According to data released last week, long-term foreign debt held by Turkish private companies has increased $2.9 billion and reached $99 billion. Thus showing that the external debt stock, which contracted in October and November, started increasing again and has reached the level last seen in September.
In 2009, $30.2 billion in long-term private debt will mature, making this year the hardest until 2017.
As of December, long-term private sector debt stood at $139.7 billion and borrowing from banks decreased. As of the last quarter of 2008, long-term foreign debt held by banks decreased $5 billion, while private sector debt increased.
As of September, the end of the third quarter last year, private companies held $99.3 billion in long-term foreign debt. The figure decreased to $96.5 billion in October and $96.1 billion in November. But in December, it started rising again to $99 billion.
In 2009, $12 billion of long-term debt held by banks and $30.2 billion of long-term debt held in he private sector will mature. The figure for the private sector represents nearly 30 percent of all private sector debt. Next year, the sector will have to pay back $15.8 billion, while the figure for 2011 stands at $12.7 billion. In terms of maturity, the riskiest months of the year are March and June. In March, $2.4 billion will have to be paid, while in June the figure stands at $3 billion. September and October are also risky months, as $3.4 billion of debt will have to be repaid in each month.
According to data released last week, long-term foreign debt held by Turkish private companies has increased $2.9 billion and reached $99 billion. Thus showing that the external debt stock, which contracted in October and November, started increasing again and has reached the level last seen in September.
In 2009, $30.2 billion in long-term private debt will mature, making this year the hardest until 2017.
As of December, long-term private sector debt stood at $139.7 billion and borrowing from banks decreased. As of the last quarter of 2008, long-term foreign debt held by banks decreased $5 billion, while private sector debt increased.
As of September, the end of the third quarter last year, private companies held $99.3 billion in long-term foreign debt. The figure decreased to $96.5 billion in October and $96.1 billion in November. But in December, it started rising again to $99 billion.
In 2009, $12 billion of long-term debt held by banks and $30.2 billion of long-term debt held in he private sector will mature. The figure for the private sector represents nearly 30 percent of all private sector debt. Next year, the sector will have to pay back $15.8 billion, while the figure for 2011 stands at $12.7 billion. In terms of maturity, the riskiest months of the year are March and June. In March, $2.4 billion will have to be paid, while in June the figure stands at $3 billion. September and October are also risky months, as $3.4 billion of debt will have to be repaid in each month.