Turkish Lira Tumbles as Debts Jump, Inflation Skyrockets

 Turkey's short-term foreign debt has set a new record, reaching more than $132 billion, according to what the Central Bank of Turkey announced yesterday (Wednesday), which put new burdens on the Turkish lira.

The Turkish currency continues to bleed losses during the current month of May, especially after the central bank revised its year-end inflation forecast to a higher level.

According to the statement of the Turkish Central Bank, the short-term foreign debt rose by 9.9 percent at the end of last March, compared to the end of 2021, to reach $132.3 billion.

The short-term external debt, calculated using external debt data with a maturity of one year or less, amounted to $181.4 billion.