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Türkiye’s central government recorded a budget surplus of ₺235.2 billion ($5.97 billion) the Treasury and Finance Ministry reported, while continuing its aggressive domestic borrowing auctions in June.
According to the Finance Ministry’s latest data, Türkiye's budget revenues in May surged by 31.6% from the same month last year to reach ₺1.32 trillion, while expenditures climbed by 38.3% to ₺1.09 trillion. The resulting ₺235.2 billion surplus marked a significant turnaround from previous months of fiscal pressure.
Non-interest budget expenditures increased by 44.5% compared to a year earlier, reaching ₺978.6 billion. The realization rate of these expenditures, measured against allocated budget allowances, rose from 6.9% in May 2024 to 7.7% in May 2025, indicating a higher pace of spending execution.
Despite the monthly improvement, the overall balance for the January–May period remained in deficit. Total revenues during the first five months of the year rose by 44.7% year-over-year to ₺4.69 trillion, while expenditures grew by 43.8% to ₺5.34 trillion. This led to a cumulative budget shortfall of ₺650.3 billion.
Alongside fiscal measures, the Treasury has stepped up its borrowing program. On June 10, it raised ₺97.86 billion through three separate debt auctions. These included the initial issuance of a nine-month zero-coupon Treasury bill, which drew ₺21.6 billion in nominal bids and yielded a net sale of ₺8.83 billion with a simple interest rate of 44.5%.
In a second offering, the reissuance of a four-year fixed-coupon bond paying 15% semiannual interest brought in ₺38.94 billion. A seven-year floating-rate note with a 22.61% period interest added another ₺8.03 billion in net proceeds.
The borrowing drive continued on June 16, when the Treasury secured ₺60.81 billion across two further bond auctions. The first involved the reissuance of a two-year fixed-coupon bond with a 20.5% semiannual coupon, yielding a simple interest of 40.16% and a compound rate of 44.19%. Net sales totaled ₺33.66 billion.
The second auction featured the initial issuance of a 4-year inflation-indexed bond carrying a 2.25% real coupon, producing net sales of ₺716 million at a real compound rate of 5.87%.
Türkiye’s Treasury and Finance Ministry plans to carry out additional borrowing on June 17, with two government bond auctions and a direct sale of a lease certificate. These include the first issuance of a four-year floating-rate bond indexed to the Turkish Lira Overnight Reference Rate (TLREF), and the reissuance of a nine-year fixed-coupon bond. In addition, the Treasury will offer a two-year sukuk—a lease certificate that pays semiannual rent—in a direct sale aimed at Islamic finance investors.
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