Dollar debt outside U.S. hits record $11 trillion


—Photo by Reuters

LONDON: The amount of dollar-denominated debt from countries and companies outside the United States has hit a record $11 trillion, new data from the Bank for International Settlements showed on Thursday.

The figures from the BIS, known as the central bank to the world’s central banks, showed the $11 trillion amount had been reached following a 5.2 percent rise year-on-year.

The data, which measured up to the end of September and does not count credit held by banks and other financial firms, also showed a 10.5 percent rise in euro-denominated debt to 2.9 trillion euros and a 3.3 percent rise in yen debt to 43.8 trillion yen.

Global debt levels have been driven higher over the last decade after top economies slashed interest rates following the financial crisis.—Reuters