Record borrowing on the eve of the end of the year

Finance Minister Özdemir Berova has defended the government's borrowing with the phrase “Maliye batmadı, döndürüyoruz” (“The treasury has not sunk, we are rolling it over”). Central Bank records, however, show the Üstel government borrowed repeatedly throughout the year.

Central Bank treasury bill (DİBS) auction results show 75 separate borrowing operations from the start of 2026 to 15 October, in Turkish lira and foreign currencies: 19 in lira, 33 in US dollars, nine in euros and 14 in British pounds. Total volumes reached 47,386,775,793 TL, 214,190,515 dollars, 78,660,000 euros and 233,050,000 pounds, with some lira operations at interest rates above 40 percent.

The highest monthly lira borrowing of the year came on 9 October, two days after election restrictions took effect, when 7.255 billion TL was raised in two operations. Berova said the borrowing does not create new deficits but rolls over old debt, and that the government expects to close the year at 18–19 billion TL.