Turkey’s Treasury plans to pay back 41.6 billion lira ($16.5 billion) of domestic debt, including 11.2 billion lira ($4.5 billion) of foreign debt, between March and May 2015, the Treasury said Friday.
According to figures released on the Treasury's official website, the domestic debt redemption projected for March till May 2015 is 30.6 billion lira ($12.1 billion), while domestic borrowing amounts to 25.5 billion lira ($10.1 billion). The treasury will not borrow money from foreign sources during this period.
The domestic debt redemption for the month of March will be 14.2 billion lira ($5.6 billion), while domestic borrowing is expected to be 5.4 billion lira ($2.14 billion).
In April 2015, domestic debt is projected to be 14.6 billion lira ($5.8 billion), while domestic borrowing is projected to reach 13.3 billion lira ($5.2 billion).
In May 2015, domestic debt is anticipated at 12.8 billion lira ($5 billion) and domestic borrowing at 11.9 billion lira ($4.7 billion).
The Treasury also expects some income from privatization and 2B land sales during this period. The Treasury will also hold 13 bond auctions between March and May 2015 to generate income and reduce debt.
Meanwhile, the Turkish lira hit a record low against the U.S. dollar on the back of better-than-expected U.S. fourth quarter Gross Domestic Product figures Friday.
The U.S. dollar index, a measure of the dollar against a basket of major currencies, secured its position with positive fourth quarter GDP data, after it climbed to a five-week high on U.S. inflation and production figures.
Meanwhile, the Turkish lira dipped almost two percent against the U.S. dollar, starting Friday at the 2.5040 level and sinking to a new record low against the U.S. dollar with the USD/TRY rate dipping to 2.5274 in the early afternoon.
The intensifying row between government officials and the Central Bank of Turkey over interest rates was also an unsettling event for the sentiments of the Turkish markets.