2026 Treasury Financing Program: What to Expect?

The Ministry of Treasury and Finance has published the "Treasury Financing Program," which includes developments for the year 2025 and forecasts for 2026. This program provides important information regarding Turkey's financial strategies and economic management.

The Treasury Financing Program for 2026 has been prepared considering the Medium-Term Program and estimates of the Central Government Budget. In this context, it has been reported that the average maturity of cash domestic borrowing was determined to be 33.9 months during the January-October period of this year. This situation indicates that the Treasury’s borrowing strategies are in line with long-term development goals.

Another noteworthy development is that the cost of fixed-rate domestic borrowing in Turkish lira has occurred at the level of 39.4%. Particularly, the average cost of cash domestic borrowing being around 39% reveals how the government manages its borrowing needs.

The share of fixed-rate Turkish lira securities in domestic borrowing has been determined to be 47.8%. This situation indicates a strong tendency towards conducting borrowing policies primarily in Turkish lira.

In addition, among the Treasury's targets for 2026, strengthening the debt structure and reducing interest costs are prioritized objectives. The steps to be taken to ensure sustainable economic growth and the impact of these steps on financial stability are eagerly awaited.

Especially, these changes in the domestic borrowing strategy may offer significant opportunities for investors. How the financing program set by the Treasury resonates in the markets and how investors will react during this phase will become clearer in the coming days.