Fiscal & Debt#
In the 12 months to Sep 2026, the central government ran a ₺2.42tn budget deficit and a ₺220.9bn primary surplus.
Notes
Interest payments took 19.3% of tax revenue, down 1.1 pp from a year earlier.
Budget Balance#
The 12-month sums smooth the seasonal pattern of tax collection and of interest payment dates.
Notes
The monthly bars show the underlying flow. HMB marks current-year figures as provisional, with (*) Geçici, until a later release confirms them.
12-Month and Monthly Balance#
- Shows
- The central government budget balance for each month, and the 12-month balances.
- Lavender bars
- The monthly budget balance. A bar below zero is a deficit.
- Violet line
- The budget balance added up over 12 months.
- Black dotted line
- The primary balance added up over 12 months. It leaves out interest.
- Read it as
- When the black line is above the violet line, interest explains part of the deficit.
- Limit
- HMB marks current-year figures as provisional. A later release can revise them.
- Terms
- Monthly budget balance · Budget balance, 12 months · Primary balance, 12 months
Since January, Against the Same Months of the Year Before#
- Shows
- The budget balance and the primary balance from January to the latest month, against the same months of the year before.
- Lavender bars
- The same months of the year before.
- Violet bars
- The latest year.
- Read it as
- A violet bar below its lavender bar means that the balance is worse than a year ago.
- Terms
- Budget balance since January · Primary balance since January
HMB — Merkezi Yönetim Bütçe Dengesi ve Finansmanı · latest Sep 2026
Interest Burden#
The chart compares interest expenditure with tax revenue and with total expenditure.
Notes
A rising share means that more of each lira collected pays for existing debt. Less is left for other spending.
Interest Expenditure Share (12 Months)#
- Shows
- How much of the central government budget goes to interest.
- Violet line
- Interest as a share of tax revenue.
- Black dotted line
- Interest as a share of total expenditure.
- Read it as
- A rising line means that interest takes more of each lira of tax or spending.
- Limit
- Each point uses sums of 12 months. The lines move slowly.
- Terms
- Interest to tax revenue · Interest to total spending
HMB — Merkezi Yönetim Bütçe Dengesi ve Finansmanı · latest Sep 2026
Revenue & Spending#
The chart shows the nominal 1-year growth of tax revenue and of primary expenditure, which is spending without interest.
Notes
Each month compares with the same calendar month one year earlier. The CPI 1-year change of TÜİK is the reference. Real growth is a ratio of the two rates. It is not a simple subtraction.
Nominal Growth and Inflation#
- Shows
- The 1-year growth of tax revenue and primary spending, against the CPI 1-year change.
- Violet line
- Tax revenue.
- Black line
- Primary expenditure, which is spending without interest.
- Red dotted line
- The CPI 1-year change.
- Read it as
- A line below the red line means that the amount falls in real terms.
- Limit
- Each month compares with the same month one year earlier. Single months can swing with payment dates.
- Terms
- Tax revenue 1-year change · Primary spending 1-year change · 1-year change
Latest Month: Growth Before and After Inflation#
- Shows
- The 1-year growth of tax revenue and primary spending in the latest month, before and after inflation.
- Each row
- One budget line.
- Click
- Click a value to see its calculation.
- Limit
- The CPI month can be earlier than the budget month. The note above the table names it.
- Terms
- Nominal 1-year change · Real 1-year change
The table is for Sep 2026. Real growth uses the CPI 1-year change of Sep 2026, which is 29.7%.
| Budget line | Nominal 1-year change, % | Real 1-year change, % |
|---|---|---|
| Tax revenue | +21.8% | −6.1% |
| Primary spending | +39.1% | +7.2% |
HMB — Merkezi Yönetim Bütçe Dengesi ve Finansmanı · TÜİK headline CPI · latest Sep 2026
Debt Stock#
The chart splits the central government debt stock by type of debt, as a share of the total stock.
Notes
The total stock is domestic and external debt together. In the HMB workbook, Treasury bills and government bonds make up the domestic stock. International bonds and loans make up the external stock. The next section shows who holds the domestic debt.
By Instrument (Share of Total Stock)#
- Shows
- How the total central government debt splits by type of debt.
- Each band
- One type of debt. The four bands fill 100%.
- Read it as
- A growing band for international bonds or loans means more foreign currency debt.
- Limit
- The split covers domestic and external debt together. The holder chart covers domestic debt only.
- Terms
- Share of debt stock · Debt stock
Latest levels (Sep 2026): total stock ₺16.20tn, of which domestic ₺9.70tn and external ₺6.50tn.
HMB — Merkezi Yönetim Borç Stoku Enstrüman Dağılımı · latest Sep 2026
Who Holds the Debt#
The chart covers the domestic debt stock only, by holder.
Notes
The red band is the non-resident share. A fast fall means that foreign investors sell lira debt. That can add pressure on the lira and on rates.
Domestic Debt Stock by Holder (Share)#
- Shows
- Who holds the domestic debt of the central government.
- Each band
- One group of holders. The four bands fill 100%.
- Red band
- Non-residents.
- Read it as
- A shrinking red band means that foreign investors sell lira debt.
- Terms
- Share of domestic debt · Non-resident share
HMB — İç Borç Stokunun Elinde Bulunduranlara Göre Dağılımı · latest Sep 2026
Borrowing Terms#
The charts show the average cost and the average maturity of domestic cash borrowing.
Notes
The cost is an annual compound rate, so it compares directly with the 2-year Treasury yield. The monthly line (lavender) reflects the debt issued in that month, so it swings with the mix of issuance. The average since January (violet) is steadier. The Treasury Auctions page has the auction calendar, the redemption schedule, rollover and the financing programme.
Average Cost and the 2-Year Treasury Yield#
- Shows
- What the Treasury pays on new domestic cash borrowing, next to the market 2-year yield.
- Lavender line
- The average cost of the debt issued in each month.
- Violet line
- The average cost since January. It restarts each January.
- Black dotted line
- The 2-year Treasury yield at each month end.
- Read it as
- A violet line above the black line means that the Treasury pays more than the market 2-year yield.
- Limit
- The average maturity of new borrowing can differ from 2 years.
- Terms
- Average borrowing cost · 2-year Treasury yield
Average Maturity#
- Shows
- How long the Treasury borrows for, on average.
- Lavender line
- The average maturity of the debt issued in each month.
- Violet line
- The average maturity since January. It restarts each January.
- Read it as
- A falling line means that the Treasury borrows for shorter periods.
- Terms
- Average maturity
HMB — İç Borçlanmanın Ortalama Vadesi / Maliyeti · latest Sep 2026