 at the end of March, up from 9.26 trillion lira ($242 billion) at the close of 2024, according to data from the Treasury and Finance Ministry.){kind=link}
Turkey’s central government debt stock reached 10.27 trillion Turkish lira (roughly $268 billion) at the end of March, up from 9.26 trillion lira ($242 billion) at the close of 2024, the Hürriyet Daily News reported on Tuesday, citing data from the Treasury and Finance Ministry.
Of the total debt stock, 4.7 trillion lira (around $122 billion) were denominated in local currency, while 5.6 trillion lira (about $145 billion) were in foreign currencies.
Domestic debt stood at 5.75 trillion lira ($149 billion), with external debt totaling 4.52 trillion lira ($118 billion).
A breakdown by instrument showed 5.62 trillion lira ($146 billion) in government bonds and 3.45 trillion lira ($90 billion) in international bonds.
The average maturity was 3.2 years for domestic debt and 6.6 years for external debt, the ministry said.
The rising debt stock reflects broader economic challenges, including pressure on the central bank to maintain tight monetary policy as inflation remains in double digits and the Turkish lira continues to weaken against the dollar.
Turkish President Recep Tayyip Erdoğan’s economic strategies, from 2017 onward, boosted economic growth while jeopardizing the value of the lira and price stability.
Faced with a financial crisis characterized by a rising cost of living and a decline in foreign investment, Erdoğan recalibrated his approach after his re-election in May 2023.
Since the election, which gave Erdoğan another five years at the helm, Turkey has taken more aggressive steps to tighten monetary policy than expected.