35
PART I: INTRODUCTION
CENTRAL GOVERNMENT GROSS DEBT STOCK
(% GDP)
70.0
60.0
50.0
40.0
30.0
2005
51.1
45.5
39.6
40.0
46.3
43.1
39.9
37.6
37.4
35
2014
2009
2008
2013
2012
2011
2010
2007
Maastricht Criteria 60%
2006
Source: Undersecretariat of Treasury
80
70
60
50
40
30
20
10
0
2006
28
2007
34
2008
31.7
2009
35.3
2010
44.1
2011
44.7
2012
60.8
2013
74.3
2014
68.5
2015
71.8
DOMESTIC DEBT MATURITY
(MONTHS)
Source: Undersecretariat of Treasury
CENTRAL GOVERNMENT GROSS DEBT STOCK
The Central Government Gross Debt Stock
stood at TL 677.6 billion at end-December
2015; of which, TL 440.1 billion was in the
form of local currency debt and TL 237.5
billion in foreign currency denominated debt.
Within the framework of the Maastricht
Criteria, also referred as the “EU’s Financial
Rule,” the debt stock to GDP ratio has been
declining steadily, particularly since 2009.
This proves the importance of progress in
fiscal policies and public administration in
Turkey, which boasts an investment-grade
credit rating.
As per 2015 realizations, the average cost of
fixed income TL-denominated debt declined
from 9.7% in 2014 to 9.5% while the average
maturity of domestic cash debt decreased to
71.8 months in 2015 from 68.5 months in
2014. In order to broaden the investor base and
diversify the funding base, Turkey continued
to issue lease certificates, which were issued
for the first time in 2012 and regularly issued
in the domestic market since 2013. In this
scope, lease certificates totaling TL 3.4 billion
were issued in the domestic market during the
months of february and august. According to
the 2016 borrowing strategy announced by the
Undersecretariat of Treasury, domestic borrowing
will reach TL 79.9 billion and the total domestic
debt roll-over ratio will reach 85%.
