Türkiye’s Treasury and Finance Ministry plans to borrow 123.4 billion lira on the domestic market in November, slightly more than the 122.7 billion lira of domestic debt falling due during the month, according to the ministry’s three-month borrowing strategy, published on Friday, 30 October, and reported by Anadolu Agency (AA) and Diken.
Over the November 2026 to January 2027 period as a whole, the ministry expects domestic debt service of 946.9 billion lira and plans domestic borrowing of 912.4 billion lira, the two outlets reported.
November and December
Of November’s planned borrowing, 90.4 billion lira is to be raised in the market, 20 billion lira through direct sales and 13 billion lira through sales to public institutions, according to the figures carried by AA and Diken. Including foreign debt, total debt payments in November are put at 164.5 billion lira.
In December, domestic debt service is expected at 117.3 billion lira against planned borrowing of 117.5 billion lira, of which 102.5 billion lira is to come from the market and 15 billion lira from sales to public institutions. Total payments for the month are put at 137.8 billion lira.
January is the heavy month
January 2027 accounts for most of the period’s redemptions: domestic debt service of 706.9 billion lira is planned to be met with 671.5 billion lira of borrowing, made up of 456.5 billion lira from the market, 165 billion lira in direct sales and 50 billion lira in sales to public institutions. Total payments in January are put at 778 billion lira, AA and Diken reported.
An assessment by brokerage Gedik Yatırım, published on Monday by Hibya news agency, put the Treasury’s planned rollover ratio at about 100.6% in November and 95% in January, meaning borrowing is expected to cover almost all maturing domestic debt in November and slightly less than that in January.
Auctions
Across the three months the ministry plans 13 government bond auctions and four direct sales, according to AA and Diken. Market borrowing over the period totals 649.4 billion lira and non-market borrowing 263 billion lira.
For background on monetary conditions, see our reports on the central bank’s October market participants survey and Istanbul inflation in October, as well as our guide to the cost of living in Türkiye.
Sources
- Hazine, Kasım-Ocak döneminde 912,4 milyar lira iç borçlanma yapacak (Memurlar.net / AA)
- Hazinenin üç aylık borçlanma takvimi: 912,4 milyar lira planlanıyor (Diken)
- Hazine, Kasım-Ocak döneminde 912 milyar TL iç borçlanma öngördü (Hibya)
Photo: Central Bank of the Republic of Turkey / Public domain, via Wikimedia Commons
