Finance Ministry Increases Debt by Over 2.5 Billion TL
The Ministry of Finance added over 2.5 billion Turkish Lira to the public debt through four new domestic borrowing auctions held today, passing the cost onto the public. The quadruple Domestic Government Debt Securities (DİBS/Treasury bills) auction was conducted this morning via the Central Bank of the TRNC.
The auctions were issued in Turkish Lira, US Dollar, Euro, and British Pound, resulting in a total debt of approximately 2.565 billion Turkish Lira based on today’s official exchange rates. Since February 11, the Ministry has held 17 domestic debt auctions, accumulating over 12 billion TL in total debt.
According to the Central Bank announcement, the Ministry’s domestic debt increased by 995 million TL, 18.3 million USD, 9.5 million Euros, and 7.5 million Pounds.
When converted at yesterday’s official rates, the foreign currency debts equal approximately 726.7 million TL in dollars, 437.7 million TL in euros, and 406.1 million TL in pounds.
Targets Exceeded in TL and USD Auctions
Offers for Turkish Lira and US Dollar debt issuances significantly surpassed the target amounts. While the Ministry sought 500 million TL, offers reached around 2.45 billion TL. For the dollar issuance, the target was 15 million USD, but offers totaled 19.3 million USD.
In contrast, offers for Euro and British Pound borrowings, each targeted at 10 million, fell short of the goal. All offers made in the auction were accepted.
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