Turkey to repay $58 billion debt in 2015

The Turkish Treasury plans to pay back $58 billion of domestic debt, including $9.7 billion of foreign debt by next year.

Turkey to repay $58 billion debt in 2015

World Bulletin/News Desk

Turkey’s Treasury plans to pay back 128.8 billion Turkish liras, or $58 billion of domestic debt, including 21.5 billion Turkish liras, or $9.7 billion of foreign debt by next year, government figures reveal. 

According to figures released on the Treasury's website Friday, the domestic debt reduction for next year is projected at 128.8 billion Turkish liras, including nearly 50 billion liras for interest payment.

The Treasury will also hold two, five and 10 year fixed-rate coupon bonds in 2015 aimed at generating income and reducing debt. Domestic borrowing is projected at 88 billion Turkish liras.

The Treasury said the sensitivity of its debt portfolio towards the foreign exchange, interest rate and liquidity risks has reduced significantly because of implementation of its strategic benchmarking policy since 2003.

The share of foreign exchange linked debt in central government’s debt stock decreased to 32 percent as of September 2014, compared with 58 percent at the beginning of 2003, the Treasury said.

It also said a certain level of cash reserves would be maintained in order to reduce the liquidity risk associated with cash-and-debt management.

The Treasury had announced on August 20 that the central government's debt stock stood at 590.2 billion Turkish liras at the end of July. Most of the debt, 408.2 billion liras, was in Turkish currency and 181.9 billion liras was in foreign currency.

 

Last Mod: 03 Kasım 2014, 16:58
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