Macro and Politics
Tacirler Yatırım
* The short-term external debt stock in February materialized at USD13.2bn, down by 1.3% m/m. In terms of short-term debt statistics, we believe that “debt stock on a remaining maturity basis,” calculated based on the external debt maturing within 1 year or less regarding the original maturity, is rather critical, which is at USD223.6bn as of February 2025. Of this total, USD19.2bn is attributed to loans taken by resident banks and private sector affiliates from their branches and affiliates abroad. Stripping this amount from the total results in USD204.4bn. We also add 12-month forward-looking CAD expectations on this amount so as to reach Turkey’s annual external financing need (EFN). Accordingly, we calculate EFN as of February 2025 around USD230bn.