No: 150 JANUARY 2018

www.treasury.gov.tre-mail: [email protected]

(0312) 204 72 53(0312) 204 72 66(0312) 204 62 90

No: 150

JANUARY 2018

2017 Financing Program ..................................... 1

Budget Realizations ............................................ 2

Treasury Cash Balance ........................................ 4

Domestic Debt ................................................... 5

External Debt ................................................... 10

Debt Stock ....................................................... 14

Treasury Guaranteed External Debt ................... 19

Treasury Non-Guaranteed External Debt ............ 23

Treasury Receivables ........................................ 23

Developments in the Credit Rating of Turkey ..... 26

Domestic Borrowing Calendar ........................... 27

Data Dissemination Calendar ............................ 28

ANNEX ............................................................ 29

REPUBLIC OF TURKEYPRIME MINISTRY

UNDERSECRETARIAT OF TREASURY

JANUARY 2018

PUBLIC DEBT MANAGEMENT REPORT

JANUARY 2018 1 UNDERSECRETARIAT OF TREASURY

2017 FINANCING PROGRAM

PROGRAM AND REALIZATIONS (1)

STRATEGIC BENCHMARKS AND INDICATORS

Billion ¨Program Realization

January - December January - December

I-TOTAL DEBT SERVICE 133.1 141.6

Domestic Debt Service 98.1 100.6

Principal 58.4 60.3

Interest 39.7 40.2

External Debt Service 35.0 41.0

Principal 22.1 25.7

Interest 12.9 15.3

II-FINANCING 133.1 141.6

Other Financing (2) 16.0 -22.8

Total Borrowing 117.2 164.4

External Borrowing 21.0 38.1

Domestic Borrowing 96.2 126.3

Memo (Billion ¨)

Net Borrowing 36.7 78.3

Net Domestic Borrowing 37.8 66.0

Net External Borrowing -1.1 12.3

(1) Cash based.

(2) The cash primary balance, privatization revenues, receipts from on lending and guaranteed debt, reciepts from SDIF, use of cash account and FX changes are shown under other financing item.

3 To borrow mainly in TL

3 To use fixed rate instruments as the major source of TL borrowing and to decrease share of debt stock

with interest rate re-fixing period of less than 12 months

3 To increase the average maturity taking market conditions into consideration and to decrease the share

of debt maturing within 12 months

3 To keep a certain level of cash reserve in order to reduce the liquidity risk associated with cash and debt

management


BUDGET REALIZATION

CENTRAL GOVERNMENT BUDGET REALIZATION AND FINANCING

Million ¨2016 2017

Jan-Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Central Government Revenues 554,140 58,778 46,898 39,059 53,042 57,486 43,937 52,466 56,987 47,955 52,834 65,155 55,752 630,349

Tax Revenues 459,002 48,421 39,994 33,201 37,082 50,949 36,423 46,063 51,377 41,838 45,559 58,372 46,767 536,048

-Direct Taxes 150,180 14,462 17,853 9,777 9,298 23,269 8,486 15,526 21,104 9,868 12,239 23,230 11,735 176,846

-Indirect Taxes 308,821 33,959 22,141 23,425 27,785 27,680 27,937 30,537 30,274 31,970 33,321 35,142 35,032 359,201

Nontax Revenues 95,138 10,357 6,903 5,858 15,960 6,537 7,514 6,403 5,610 6,117 7,275 6,783 8,986 94,301

Central Government Expenditures 584,071 47,347 53,739 58,571 56,000 51,100 57,678 51,540 57,861 54,384 56,182 56,677 76,642 677,722

Personnel Expenditure 148,864 16,272 12,759 12,873 13,357 13,313 13,250 13,860 13,066 13,962 14,063 14,283 11,081 162,139

Social Security Contributions 24,699 2,807 2,102 2,083 2,088 2,113 2,173 2,262 2,278 2,296 2,336 2,356 2,373 27,267

Purchase of Goods and Services 54,100 1,951 4,417 4,685 5,448 4,718 5,192 4,924 5,154 4,062 5,708 6,514 10,697 63,470

Interest Payments 50,247 6,588 5,087 7,150 3,225 3,660 1,280 5,762 5,426 8,399 3,545 5,157 1,432 56,712

Current Transfers 224,847 18,265 26,116 27,046 25,545 19,050 27,753 17,539 22,549 20,191 21,021 18,755 27,132 270,962

Capital Expenditure 59,677 361 1,418 3,212 4,333 5,239 6,432 4,406 7,936 4,062 7,075 7,579 18,488 70,541

Capital Transfers 8,881 7 642 468 665 1,955 710 1,589 705 658 1,784 973 3,185 13,341

Lending 12,756 1,097 1,198 1,054 1,340 1,051 887 1,199 746 754 650 1,060 2,255 13,291

Contingencies 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Central Government Primary Balance 20,315 18,019 -1,755 -12,362 267 10,046 -12,461 6,687 4,552 1,970 197 13,635 -19,457 9,339

Central Government Balance -29,932 11,431 -6,841 -19,512 -2,958 6,386 -13,741 926 -874 -6,429 -3,348 8,477 -20,890 -47,373

Deferred Payments -4,247 4,291 556 -2,482 -2,586 1,974 1,080 -2,234 -3,564 6,821 -2,467 1,040 -4,522 -2,092

Other Deferred Payments -483 -1,112 -597 1,319 -1,853 834 1,135 -527 1,310 -584 132 -232 199 25

Advances -2,738 4,968 -464 -523 115 -567 -82 -137 -214 -73 -69 -150 -6,736 -3,932

Central Government Cash Balance -37,400 19,578 -7,347 -21,198 -7,282 8,627 -11,607 -1,973 -3,342 -265 -5,751 9,136 -31,948 -53,373

Central Government Budget Financing 37,400 -19,578 7,347 21,198 7,282 -8,627 11,607 1,973 3,342 265 5,751 -9,136 31,948 53,373

Borrowing (Net) 32,955 12,842 4,089 4,544 7,320 9,159 8,518 1,202 7,967 14,883 6,463 5,328 1,306 83,622

Foreign Borrowing (Net) 4,435 8,011 -1,064 -175 3,751 5,889 3,378 -8,106 -657 4,633 -572 1,387 342 16,816

-Receipts 19,135 8,621 5,182 235 4,643 6,442 4,122 564 27 6,737 361 1,935 3,602 42,471

-Payments -14,700 -610 -6,247 -410 -892 -553 -745 -8,670 -684 -2,104 -933 -548 -3,260 -25,655

Domestic Borrowing (Net) 28,520 4,831 5,153 4,719 3,569 3,271 5,140 9,308 8,624 10,250 7,035 3,941 964 66,805

-TL Denominated T-Bills 0 845 0 0 0 -362 0 0 0 974 0 0 -1,508 -50

Receipts 2,615 845 0 0 0 663 0 0 0 974 0 0 0 2,482

Payments -2,615 0 0 0 0 -1,025 0 0 0 0 0 0 -1,508 -2,533

-TL Denominated G-Bonds 28,520 3,986 5,153 4,719 3,569 3,633 5,140 9,308 8,624 9,275 7,035 3,941 2,471 66,856

Receipts 89,453 11,547 7,336 17,933 3,745 4,766 15,193 16,476 10,294 10,930 18,705 5,050 2,790 124,766

Payments -60,933 -7,561 -2,183 -13,214 -176 -1,134 -10,053 -7,168 -1,670 -1,654 -11,670 -1,109 -319 -57,910

-FX Denominated G-Bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Lending (-) -1,615 0 -74 -8 -6 -65 -38 29 -21 216 -99 -58 -125 -250

Lending 23 0 0 1 8 0 19 267 0 234 59 16 12 617

Repayment (-) 1,637 0 74 9 14 65 58 239 21 18 158 74 138 867

Privatization Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0

SDIF Revenue Surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Currency/Deposit And Other Transactions 2,156 -32,420 3,184 16,646 -44 -17,851 3,051 799 -4,646 -14,402 -810 -14,522 30,517 -30,499


GENERAL BUDGET FINANCING

Million ¨2016 2017


General Budget Balance -31,973 13,024 -14,558 -16,793 2,308 8,680 -12,668 158 -334 -7,146 -3,840 10,177 -27,619 -48,612

Deferred Payments -5,393 6,596 2,091 -723 -2,313 1,517 391 -2,018 -5,213 9,030 -2,274 961 -6,079 1,966

Other Deferred Payments -504 4 -523 -120 -326 892 249 187 1,009 -338 7 -323 -524 193

Advances -2,533 4,464 -333 -650 177 -486 -45 -31 369 -285 -215 -205 -6,426 -3,665

General Budget Cash Balance -40,403 24,088 -13,322 -18,286 -154 10,603 -12,074 -1,704 -4,169 1,261 -6,322 10,610 -40,648 -50,118

General Budget Financing 40,403 -24,088 -13,322 18,286 154 10,603 12,074 1,704 4,169 -1,261 6,322 -10,610 40,648 50,118

Borrowing (Net) 32,955 12,842 4,089 4,544 7,320 9,159 8,518 1,202 7,967 14,883 6,463 5,328 1,306 83,622

Foreign Borrowing (Net) 4,435 8,011 -1,064 -175 3,751 5,889 3,378 -8,106 -657 4,633 -572 1,387 342 16,816

-Receipts 19,135 8,621 5,182 235 4,643 6,442 4,122 564 27 6,737 361 1,935 3,602 42,471

-Payments -14,700 -610 -6,247 -410 -892 -553 -745 -8,670 -684 -2,104 -933 -548 -3,260 -25,655

Domestic Borrowing (Net) 28,520 4,831 5,153 4,719 3,569 3,271 5,140 9,308 8,624 10,250 7,035 3,941 964 66,805

-TL Denominated T-Bills 0 845 0 0 0 -362 0 0 0 974 0 0 -1,508 -50

Receipts 2,615 845 0 0 0 663 0 0 0 974 0 0 0 2,482

Payments -2,615 0 0 0 0 -1,025 0 0 0 0 0 0 -1,508 -2,533

-TL Denominated G-Bonds 28,520 3,986 5,153 4,719 3,569 3,633 5,140 9,308 8,624 9,275 7,035 3,941 2,471 66,856

Receipts 89,453 11,547 7,336 17,933 3,745 4,766 15,193 16,476 10,294 10,930 18,705 5,050 2,790 124,766

Payments -60,933 -7,561 -2,183 -13,214 -176 -1,134 -10,053 -7,168 -1,670 -1,654 -11,670 -1,109 -319 -57,910

-FX Denominated G-Bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Lending (-) -1,666 0 -74 -8 -6 -65 -89 26 -21 216 -99 -117 -125 -363

Lending 23 0 0 1 8 0 19 267 0 234 59 16 12 617

Repayment (-) 1,688 0 74 9 14 65 109 241 21 18 158 133 138 980

SDIF Revenue Surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Privatization Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Currency/Deposit And Other Transactions 5,783 -36,930 9,160 13,734 -7,172 -19,827 3,467 527 -3,820 -15,927 -240 -16,056 39,217 -33,867

Million ¨2016 2017


1. Central Government Budget Revenues (Public Accounts Bulletin)

554,140 58,778 46,898 39,059 53,042 57,486 43,937 52,466 56,987 47,955 52,834 65,155 55,752 630,349

a. Privatization Proceeds (-) 10,959 4,197 0 0 585 480 600 400 751 350 0 400 1,550 9,313

b. Interest Receipts (-) 7,175 317 409 485 383 271 1,212 1,014 425 671 575 431 646 6,838

c. CBT Profit & Revaluation (-) 9,303 0 0 0 6,411 0 0 0 0 0 0 0 0 6,411

d. Dividend Payments of State Banks (-) 231 0 0 0 0 0 250 0 0 0 0 0 0 250

e. Special Revenues of the Turkish Mint (-) 276 28 21 15 5 6 7 14 27 21 17 13 32 206

f. Net Lending to CGS (-) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

g. Sales of Immovables and Other One Time Revenues (-)

5,443 87 133 196 2,544 102 85 86 127 186 123 115 129 3,914

h. Unemployment Insurance Fund Transfer (GAP) (-)

0 0 0 0 0 0 0 0 0 0 0 0 0 0

i.Transferres from SDIF (-) 0 79 502 1 84 2 125 3 1 129 2 2 1 931

2. Central Government Budget Revenues (Program Definition) (1-a-b-c-d-e-f-g-h-i)

520,752 54,070 45,833 38,361 43,030 56,625 41,658 50,949 55,657 46,598 52,117 64,194 53,394 602,486

3. Central Government Primary Expenditures (Public Accounts Bulletin)

533,825 40,759 48,652 51,421 52,775 47,440 56,398 45,778 52,435 45,985 52,637 51,520 75,210 621,011

j. Risk Account (-) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

k. Social Security Transfers (Cash - Accrual Difference) (+)

912 90 -12 -30 225 -18 178 -3,035 2,893 -35 -925 178 -3,446 -3,938

l. Net Lending to CGS (+) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

4. Central Government Primary Expenditure (Program Definition) (3-j+k+l)

534,737 40,849 48,640 51,391 53,000 47,422 56,576 42,744 55,327 45,951 51,712 51,698 71,764 617,073

Primary Balance (Public Accounts Bulletin) (1-3) 20,315 18,019 -1,755 -12,362 267 10,046 -12,461 6,687 4,552 1,970 197 13,635 -19,457 9,339

Primary Balance (Program Definition) (2-4) -13,985 13,221 -2,808 -13,029 -9,970 9,203 -14,918 8,206 330 647 405 12,496 -18,369 -14,587

(1) Provisional

PROGRAM DEFINED CENTRAL GOVERNMENT BUDGET PRIMARY BALANCE(1)


TREASURY CASH BALANCE

CASH BALANCE REALIZATIONS (1)

(1) Provisional

(2) Tax revenue of approximately TL 11.5 billion accrued in February have been received in March

(3) This row indicates the Privatization Funds' cash surplus which tranferred to Treasury Domestic Payments Accounting Units' accounts by Privatization Fund and counted as budget revenue in Public Accounts Bulletin within the scope of 10th paragraph of code no:4046, 4,5G license payment, 2B land sales revenue and other income from share sales that will be recorded as budget revenue in the Public Accounts Bulletin.

(4) This row indicates the amount transferred from Turkish Privatization Administration for budget financing.

(5) A decrease / increase in bank accounts is denoted by + / - sign.

(6) This row indicates the change in the value of the items held in foreign exchange as a result of the exchange rate movements.

Million ¨2016 2017


1. REVENUES (2) 538,457 51,470 37,784 49,842 51,217 56,010 45,977 49,661 63,686 46,886 53,066 63,050 55,167 623,816

2. EXPENDITURES 592,870 46,237 58,074 61,911 58,034 50,990 59,301 50,302 61,621 57,258 57,674 57,893 77,854 697,148

Non-Interest Expenditures 543,712 40,869 52,407 54,559 55,036 47,497 57,817 45,022 55,968 48,697 54,497 53,112 76,193 641,673

Interest Payments 49,158 5,369 5,667 7,352 2,998 3,493 1,485 5,280 5,652 8,562 3,176 4,781 1,661 55,475

3. PRIMARY BALANCE -5,256 10,601 -14,623 -4,717 -3,819 8,513 -11,840 4,639 7,718 -1,811 -1,431 9,938 -21,026 -17,858

4. PRIVATIZATION AND FUNDS INCOME (3) 16,193 4,265 109 162 3,141 534 676 471 855 503 101 495 1,550 12,861

5. CASH BALANCE (1+4-2) -38,221 9,497 -20,181 -11,907 -3,677 5,555 -12,649 -170 2,920 -9,870 -4,507 5,652 -21,136 -60,472

6. FINANCING (7+8+9+10+11) 38,221 -9,497 20,181 11,907 3,677 -5,555 12,649 170 -2,920 9,870 4,507 -5,652 21,136 60,472

7. BORROWING (NET) 29,290 12,532 3,639 4,199 7,402 8,775 8,272 506 8,091 13,948 6,120 4,512 384 78,380

FOREIGN BORROWING (NET) 1,349 7,862 -1,505 -432 3,832 5,504 3,168 -8,774 -514 3,697 -689 800 -551 12,398

Borrowing 16,058 8,465 4,651 0 4,593 6,182 3,905 0 0 5,996 0 1,556 2,737 38,085

Payment 14,709 602 6,157 432 761 678 737 8,774 514 2,298 689 756 3,289 25,687

DOMESTIC BORROWING (NET) 27,942 4,669 5,145 4,631 3,570 3,271 5,104 9,280 8,606 10,250 6,809 3,712 935 65,982

Borrowing 91,101 12,212 7,302 17,832 3,745 5,429 15,157 16,448 10,276 11,904 18,471 4,809 2,742 126,327

Payment 63,159 7,542 2,157 13,201 175 2,158 10,053 7,168 1,670 1,654 11,661 1,097 1,807 60,344

8. PRIVATIZATION (4) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

9. TRANSFERS FROM SDIF 357 79 501 1 83 0 125 3 0 131 2 0 0 926

10. RECEIPTS FROM ONLENDING 2,365 64 4 100 111 866 164 63 0 98 872 81 212 2,637

11. CHANGE IN BANK ACCOUNTS (5) (5+7+8+9+10) 6,208 -22,172 16,037 7,607 -3,920 -15,196 4,088 -403 -11,012 -4,306 -2,488 -10,246 20,540 -21,470

12. EFFECT OF CHANGE IN EXCHANGE RATE (6) 2,169 1,326 -1,220 306 -67 -12 -115 451 -56 346 477 593 -316 1,715

13. NET CHANGE IN BANK ACCOUNTS (5) (11-12) 4,039 -23,498 17,256 7,300 -3,853 -15,184 4,203 -853 -10,956 -4,652 -2,965 -10,839 20,856 -23,185


DOMESTIC DEBT

SECURITIES ISSUED ( January-December 2017 )

Zero Coupon TL Denominated Securities (Million ¨)

Auction Date Maturity Date Annual Yield(Compound) ( % )

Amount Issued

Nominal Net

01.18.2017 12.13.2017 10.98 928 84502.08.2017 04.18.2018 11.36 1,100 96703.22.2017 04.18.2018 11.67 966 85805.24.2017 12.13.2017 11.65 705 66306.14.2017 08.08.2018 11.25 1,568 1,38707.19.2017 08.08.2018 11.56 1,327 1,18209.20.2017 08.08.2018 11.83 1,075 97410.25.2017 10.24.2018 12.40 1,205 1,072

TOTAL 8,874 7,948

TL Denominated Floating Rate Notes (Million ¨)

Auction Date Maturity Date Term InterestDetermined By Treasury (%)

Term InterestAccepted In Auction (%)

Amount Issued

Nominal Net

01.04.2017 04.20.2022 (¹) 4.36 4.87 1,656 1,61403.15.2017 04.20.2022 (¹) 4.36 4.95 1,715 1,69306.14.2017 05.06.2024 (¹) 5.49 5.73 1,623 1,58707.19.2017 05.06.2024 (¹) 5.49 5.82 1,362 1,33308.16.2017 06.05.2024 (¹) 5.49 5.86 1,188 1,17010.25.2017 06.05.2024 (¹) 5.49 5.97 2,311 2,303

TOTAL 9,855 9,701(1) Coupons of the security are paid semi-annually.

Auction Date Maturity Date Coupon Rate (%)Yield Amount Issued

Semi-Annual Annual Compound (%) Nominal Net

01.04.2017 07.11.2018 (¹) 4.35 5.32 10.93 2,734 2,77601.04.2017 09.22.2021 (¹) 4.60 5.62 11.56 2,652 2,52201.04.2017 02.11.2026 (¹) 5.30 5.68 11.67 2,522 2,51302.15.2017 02.11.2026 (¹) 5.30 5.29 10.86 2,338 2,46002.22.2017 09.22.2021 (¹) 4.60 5.36 11.01 2,007 1,97303.08.2017 03.02.2022 (¹) 5.50 5.59 11.49 4,631 4,59903.08.2017 07.11.2018 (¹) 4.35 5.57 11.44 2,743 2,69803.08.2017 02.24.2027 (¹) 5.50 5.50 11.31 5,633 5,63104.05.2017 02.24.2027 (¹) 5.50 5.32 10.93 2,099 2,16104.26.2017 03.02.2022 (¹) 5.50 5.31 10.90 1,646 1,69305.17.2017 05.15.2019 (¹) 5.55 5.55 11.40 2,371 2,37105.17.2017 03.02.2022 (¹) 5.50 5.34 10.96 2,395 2,47406.14.2017 03.02.2022 (¹) 5.50 5.20 10.67 4,412 4,63806.14.2017 05.15.2019 (¹) 5.55 5.41 11.11 2,503 2,53606.14.2017 02.24.2027 (¹) 5.50 5.13 10.52 3,486 3,74607.12.2017 05.15.2019 (¹) 5.55 5.65 11.62 3,653 3,70207.19.2017 03.02.2022 (¹) 5.50 5.25 10.77 3,752 3,97007.19.2017 02.24.2027 (¹) 5.50 5.17 10.62 4,890 5,27708.23.2017 08.17.2022 (¹) 5.35 5.33 10.94 3,480 3,48608.23.2017 05.15.2019 (¹) 5.55 5.69 11.71 1,825 1,87108.23.2017 08.11.2027 (¹) 5.25 5.19 10.66 2,618 2,63509.13.2017 08.17.2022 (¹) 5.35 5.32 10.93 4,635 4,67309.20.2017 08.11.2027 (¹) 5.25 5.28 10.84 3,071 3,08509.27.2017 05.15.2019 (¹) 5.55 5.79 11.91 1,106 1,14310.25.2017 08.17.2022 (¹) 5.35 5.79 11.92 4,312 4,25310.25.2017 05.15.2019 (¹) 5.55 6.06 12.48 2,172 2,24810.25.2017 08.11.2027 (¹) 5.25 5.67 11.66 5,223 5,06011.15.2017 11.13.2019 (¹) 6.50 6.65 13.75 1,296 1,28911.15.2017 08.11.2027 (¹) 5.25 5.99 12.33 1,935 1,82011.22.2017 08.17.2022 (¹) 5.35 6.69 13.82 1,666 1,55612.13.2017 11.13.2019 (¹) 6.50 6.47 13.37 1,033 1,04412.13.2017 08.17.2022 (¹) 5.35 6.21 12.81 1,757 1,709

TOTAL 92,599 93,612

Fixed Couponed TL Denominated Securities (Million ¨)

(1) Coupons of the security are paid semi-annually.

DOMESTIC DEBT

SECURITIES ISSUED ( January-December 2017 )

Auction Date Maturity Date Coupon Rate (%) Yield (%)Amount Issued

Nominal Net

01.11.2017 01.14.2026 1.35 1.39 1,983 2,12903.08.2017 01.14.2026 1.35 1.32 2,354 2,59806.14.2017 11.08.2023 1.40 1.35 1,278 1,77107.19.2017 07.07.2027 1.45 1.42 1,637 1,64709.13.2017 07.07.2027 1.45 1.41 2,117 2,14110.25.2017 07.07.2027 1.45 1.41 2,117 2,141

TOTAL 12,197 13,152

TL Denominated CPI Indexed Bonds (Million ¨)

(1) Coupons of the security are paid semi-annually.

TL Denominated Lease Certificate Issuances (Million ¨)

Settlement Date Maturity Date Return(2) ( % )Sales Amount

Nominal Net

02.15.2017 02.13.2019 (¹) 5.52 2,023 2,02306.21.2017 06.19.2019 (¹) 5.36 503 50308.16.2017 08.10.2022 (¹) 5.38 1,184 1,18410.18.2017 12.10.2022 (¹) 1,40 550 550

TOTAL 4,260 4,260(1) Semi-annualy.(2) Real rent rate of CPI Indexed Lease Certificate

Round Settlement Date Maturity Date Term Interest Rate (%)Total

Collected Gold (1000/1000) (Grams)

Amount of the Gold Bonds Issued (Nominal)

1 10.11.2017 10.09.2019 1.20 187,461.415 187,461,4152 10.18.2017 10.16.2019 1.20 248,671.945 248,671,9453 10.25.2017 10.23.2019 1.20 306,864.458 306,864,4584 01.11.2017 10.30.2019 1.20 402,711.621 402,711,621

TOTAL 1,145,709.439 1,145,709,439

Gold Bonds

Round Settlement Date Maturity Date Term Lease Rate (%)Total

Collected Gold (1000/1000) (Grams)

Amount of the Gold Bonds Issued (Nominal)

1 10.11.2017 10.09.2019 1.20 171,854.055 171,854,0552 10.18.2017 10.16.2019 1.20 297,892.267 297,892,2673 10.25.2017 10.23.2019 1.20 322,772.912 322,772,9124 01.11.2017 10.30.2019 1.20 526,022.386 526,022,386

TOTAL 1,318,541.620 1,318,541,620

Gold Lease Certificates



BREAKDOWN OF DOMESTIC BORROWING BY INSTRUMENTS (1) ( Jan-Dec 2017 )

CURRENCY AND INTEREST COMPOSITION OF DOMESTIC BORROWING

WEIGHTED AVERAGE COST OF TL DENOMINATED FIXED INTEREST DOMESTIC BORROWING

% 2016 Jan-Dec

2017 Jan-Dec

Total Borrowing 100.0 100.0Fixed Rate 82.5 81.6Floating Rate 17.5 18.4Total Borrowing 100 100TL Denominated 100.0 100.0

Fixed Rate 82.5 81.6Floating Rate(1) 17.5 18.4

FX Denominated 0.0 0.0Fixed Rate 0.0 0.0Floating Rate 0.0 0.0

(1) Excluding switching auctions.

WEIGHTED AVERAGE MATURITY OF DOMESTIC BORROWING

Floating Rate Note Auctions

7.5 %

Mon

thC

ompo

und

Yie

ld %

2017

2016

2017

2016

120

105

90

75

60

45

30

14

13

12

11

10

9

8

7

70.4

66.2

Jan

68.0

59.6

Feb

83.1

77.6

Mar

59.0

93.4

Apr

76.3

37.5

May

57.2

66.3

Jun

67.4

73.0

Jul

80.9

71.5

Aug

64.5

78.3

Sep

59.7

79.8

Oct

58.8

72.2

Nov

61.2

44.2

Dec

67.4

71.2

Avg,

11.1

11.3

Jan

10.9

11.1

Feb

10.1

11.4

Mar

9.6

10.9

Apr

9.6

11.2

May

9.3

10.8

Jun

9.1

11.0

Jul

9.7

11.0

Aug

9.2

11.1

Sep

9.7

12.0

Oct

10.7

13.2

Nov

11.4

13.0

Dec

10.1

11.4

Avg.

Fixed-Coupon TL Auctions 72.5 %

Zero-coupon TL Auctions

6.2 %

TL-Denominated CPI Indexed Auctions10.2 %

Gold Bonds and Gold Lease

Certificates0.3 %

Lease Certificate Issuances

3.3 %

(1) Includes gold bonds and gold lease certificates.


TL YIELD CURVE

YIELDS AND TRADING VOLUMES OF GOVERNMENT SECURITIES (1)

(1) Include daily data for issue bonds and bills outright purchases and sales market and interest rates determined in Treasury auctions.

J15

J17

D17

N17

O17

S17

A17

J17

M17

A17

M17

F17

J17

D16

N16

O16

S16

A16

J16

J16

M16

A16

M16

F16

J16

D15

N15

O15

S15

A15

J15

J15

M15

A15

M15

F15

Day to Maturity

BIST Net Trade Volume Interest Rates in Secondary Markets CBT O/N Rate Treasury Benchmark

Auction Rates

Yie

ld (%

)A

nnua

l C

ompo

unde

d R

ate

(%)

Million

¨

14.00

13.00

12.00

11.00

10.00

13

10

7

4

1

3,500

3,000

2,500

2,000

1,500

1,000

500

0

0 500 750 1,000 1,250 1,500 3,500 3,7501,750 2,000 2,250 2,500 2,750 3,000 3,250250

12.29.201703.31.2017 06.30.2017 09.30.2017


CENTRAL GOVERNMENT DOMESTIC DEBT SERVICE (1)

CENTRAL GOVERNMENT DOMESTIC DEBT PAYMENT PROJECTIONS (1)

(1) Payments on non-cash bases are included.

(1) Payment projections on outstanding domestic debt stock as of January 01, 2018.

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

Aug17

Sep17

Oct17

Nov17

Dec17

7.6 2.2 13.2 0.2 2.2 10.1 7.2 1.7 1.7 11.7 1.1 1.8

4.3 4.2 4.8 2.0 2.5 1.0 4.2 4.4 6.0 2.2 3.5 1.1

11.8 6.4 18.0 2.2 4.6 11.1 11.4 6.1 7.7 13.9 4.6 2.9

Jan18

Feb18

Mar18

Apr18

May18

Jun18

Jul18

Aug18

Sep18

Oct18

Nov18

Dec18

5.3 14.7 0.0 1.8 0.0 13.1 12.6 3.5 1.1 1.1 15.4 0.0

4.7 5.3 6.0 1.9 3.6 0.9 3.8 5.8 6.0 2.0 3.5 0.4

10.0 20.0 6.0 3.8 3.6 14.0 16.4 9.4 7.1 3.1 19.0 0.4

Billion

¨

Billion

¨

Principal

Interest

Total

Principal

Interest

Total

20

15

10

5

0

18

15

12

9

6

3

0


(1) EMBI+ is an index which displays the difference between the weighted yield of selected emerging sovereign bonds and the US Treasury bonds. The performance of the Turkish bonds in the index can be tracked under EMBI+ Turkey.

EXTERNAL DEBT

YIELD CURVE OF USD DENOMINATED EUROBONDS

PERFORMANCE OF TURKEY'S BONDS IN EMERGING MARKET BOND INDEX (EMBI+)(1)

Maturity

7.5

6.5

5.5

4.5

3.5

2.5

1.5

0.5

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

(%)

1,000

850

700

550

400

250

100

-50

-200

(bp)

EUROBOND ISSUANCE IN 2017Issue Type Issue Date Maturity Currency

Amount (million)

Amount (million USD)

Coupon (%)

Issue Price (%)

Rate of Return (%)

Rate of Return(Spread) Bp

Global $ 01.23.2017 03.25.2027 USD 2,000 2,000 6.000% 98.858% 6.150% UST + 375,7 bp

Global $ 02.23.2017 03.25.2027 USD 1,250 1,250 6.000% 102.639% 5.650% UST + 320,5 bp

Global $ 05.11.2017 05.11.2047 USD 1,750 1,750 5.750% 98.247% 5.875% UST + 286,7 bp

Global € 06.14.2017 06.14.2025 Euro 1,000 1,121 3.250% 99.123% 3.377% MS + 285 bp

Global $ 09.13.2017 05.11.2047 USD 1,750 1,750 5.750% 100.703% 5.700% UST + 300,5 bp

Shibosai ¥ 12.07.2017 12.07.2020 JPY 60,000 0,535 1.810% 100.000% 1.810% 3yrSwap + 170 bp

LEASE CERTIFICATE ISSUANCE IN 2017Issue Type Issue Date Maturity Currency

Amount (million)

Amount (USD equivalent)

Lease Rate Price Yield Yield (Spread)

Lease Certificate $ 04.06.2017 04.06.2023 USD 1,250 1,250 5.004% 100.000% 5.004% MS + 285 bp

Total (Million US Dollar) 9,655

Jan11

Jan12

Jan13

Jan14

Jan15

Apr16

Jul16

Oct16

Oct17

Jul17

Apr17

Jan17

Jan16

Apr11

Apr12

Apr13

Apr14

Apr15

Jul11

Jul12

Jul13

Jul14

Jul15

Oct11

Oct12

Oct13

Oct14

Oct15

12.31.2012 12.31.2013 12.31.2014 12.31.2015 12.31.2016 12.31.2017

(EMBI+ Turkey)-(EMBI+)

EMBI+ TurkeyEMBI+

UST : United States Treasury Bond Yieldbp : Basis point (100 bp = %1.00)


EXTERNAL CREDIT DISBURSEMENTSOF CENTRAL GOVERNMENT (1) (2)

PROJECT CREDIT DISBURSEMENTSOF CENTRAL GOVERNMENT (1)

(1) Including eurobond issuance.(2) TL equivalent is calculated by the end of relevant period's US $ buying rates.(3) Contains SDR allocation.

(1) Calculated by the end of relevant period's US $ buying rates.

Project13.9 %

Project9.5 %

Program86.1 %

Program 90.5 %

2016 January-December

2017 January-December

2017(Jan-Dec)

Millo

n U

S D

olla

r

500

400

300

200

100

0

Program

Program

Project

Project485.5

Tran

spor

tatio

n

355.3

Publ

ic

Adm

inis

tratio

n

23.0

Heal

th

99.0

Ener

gy

18.2

Agric

ultu

re

3.2

Educ

atio

n

112.2

Othe

r

LOAN AGREEMENTS OF CENTRAL GOVERNMENT BUDGET

Credit nameProgram

Credit / Project Credit Distinction

Lender Borrower Implementing AgencyAgreement

DateAgreement Currency

Agreement Amount

USDDenominated

Amount

Resilience, Inclusion and Growth Development Policy Loan Program Credit International Bank for Reconstruction and

Development (IBRD)Undersecretariat

of TreasuryUndersecretariat of

Treasury 11-Sep-17 EUR 350,900,000 423,255,580

10 High Speed Train Sets Istisna Agreement Project Credit Islamic Development Bank Undersecretariat of Treasury TCDD 16-Nov-17 EUR 312,000,000 369,064,800

Uplands Rural Development Programme Project Credit International Fund for Agricultural Development (IFAD)

Undersecretariat of Treasury

Ministry of Food, Agriculture and

Livestock26-Dec-17 EUR 35,150,000 41,719,535

Total 834,039,915


CENTRAL GOVERNMENT EXTERNAL DEBT SERVICE (1) (2)

CURRENCY COMPOSITION OF EXTERNAL DEBT SERVICE (1)

( January-December 2017 )

(1) Exchange rates of cash outflow dates were taken.(2) Does not include discount payments, commissions and fees.

(1) Exchange rates of cash outflow dates were taken.

Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17

162 1,676 117 208 190 210 2,420 146 673 186 196 858

289 398 700 275 281 130 287 351 722 258 337 154

451 2,074 817 483 472 340 2,707 497 1,395 444 533 1,011

Million

US

Dol

lar

Principal

Interest

Total

2,500

2,000

1,500

1,000

500

0

US Dollar61.88 %

Other0.26 %

SDR0.03 %

JPY2.55 %

Euro35.26 %


(1) Projections as of January 23, 2018.(2) Projections are based on current debt stock and do not include potential agreements and drawings.(3) No payment is foreseen by non-general budget institutions (4) Does not include commissions and fees.

(1) Projections as of January 01, 2018.(2) Projections are based on the USD parities dated December 31, 2017(3) Projection figures are based on total debt stock amount and do not include possible realizations.(4) Disbursement expenditures are not included.

CENTRAL GOVERNMENT EXTERNAL DEBT PAYMENT PROJECTIONS (1) (2) (3) (4)

CENTRAL GOVERNMENT EXTERNAL DEBT PAYMENT PROJECTIONS (1) (2) (3) (4)

Jan2018

Feb2018

Mar2018

Apr2018

May2018

Jun2018

Jul2018

Aug2018

Sep2018

Oct2018

Nov2018

Dec2018

181 53 3,917 183 171 177 143 101 255 1,365 174 228

205 313 811 305 400 173 200 343 630 255 339 134

385 366 4,727 489 571 351 344 444 885 1,621 514 362

2018( Jan-Dec ) 2019 2020 2021

6.9 6.4 6.3 7.5

4.1 3.8 3.5 3.1

11.0 10.2 9.7 10.6

Million

US

Dol

lar

Billion

US

Dol

lar

Principal

Interest

Total

Principal

Interest

Total

4,000

3,000

2,000

1,000

0

8

7

6

5

4

3

2

1

0


DEBT STOCK

CURRENCY AND INTEREST COMPOSITION OF CENTRAL GOVERNMENT DEBT STOCK (1) (2)

CENTRALGOVERNMENT

Million ¨ Million US Dollar %

2014 2015 2016 2017 Dec 2014 2015 2016 2017

Dec 2014 2015 2016 2017 Dec

TOTAL DEBT STOCK 612,516 678,245 759,951 876,485 263,660 232,838 215,545 231,941 100.0 100.0 100.0 100.0

Fixed 399,595 458,630 530,436 646,043 172,002 157,440 150,443 170,955 65.2 67.6 69.8 73.7

Floating 112,042 120,165 122,697 110,878 48,232 41,255 34,804 29,344 18.3 17.7 16.1 12.7

CPI Indexed 100,880 99,450 106,817 119,564 43,426 34,142 30,299 31,642 16.5 14.7 14.1 13.6

TL 414,649 440,124 468,644 535,448 178,497 151,100 132,930 141,702 67.7 64.9 61.7 61.1

Fixed 234,889 256,394 278,945 348,401 101,115 88,023 79,122 92,201 38.4 37.8 36.7 39.8

Floating 78,880 84,281 82,882 67,482 33,956 28,935 23,509 17,859 12.9 12.4 10.9 7.7

CPI Indexed 100,880 99,450 106,817 119,564 43,426 34,142 30,299 31,642 16.5 14.7 14.1 13.6

FX 197,868 238,121 291,306 341,038 85,163 81,738 82,615 90,239 32.3 35.1 38.3 38.9

Fixed 164,705 202,236 251,491 297,642 70,887 69,417 71,321 78,754 26.9 29.8 33.1 34.0

Floating 33,163 35,884 39,815 43,396 14,276 12,321 11,294 11,486 5.4 5.3 5.2 5.0

Domestic Debt Stock 414,649 440,124 468,644 535,448 178,497 151,100 132,930 141,702 100.0 100.0 100.0 100.0

Fixed 234,889 256,394 278,945 348,401 101,115 88,023 79,122 92,201 56.6 58.3 59.5 65.1

Floating 78,880 84,281 82,882 67,482 33,956 28,935 23,509 17,859 19.0 19.1 17.7 12.6

CPI Indexed 100,880 99,450 106,817 119,564 43,426 34,142 30,299 31,642 24.3 22.6 22.8 22.3

Foreign Debt Stock 197,868 238,121 291,306 341,038 85,163 81,738 82,615 90,239 100.0 100.0 100.0 100.0

Fixed 164,705 202,236 251,491 297,642 70,887 69,417 71,321 78,754 83.2 84.9 86.3 87.3

Floating 33,163 35,884 39,815 43,396 14,276 12,321 11,294 11,486 16.8 15.1 13.7 12.7

TOTAL DEBT STOCK 612,516 678,245 759,951 876,485 263,660 232,838 215,545 231,941 100.0 100.0 100.0 100.0

TL 414,649 440,124 468,644 535,448 178,497 151,100 132,930 141,702 67.7 64.9 61.7 61.1USD 119,454 148,433 191,383 222,366 51,422 50,959 54,285 58,847 19.5 21.9 25.2 25.4EUR 60,216 67,091 74,291 88,507 25,921 23,034 21,072 23,424 9.8 9.9 9.8 10.1SDR 3,284 3,951 4,655 5,317 1,415 1,358 1,322 1,408 0.5 0.6 0.6 0.6JPY 13,549 16,387 19,815 23,604 5,819 5,613 5,607 6,232 2.2 2.4 2.6 2.7Other 1,365 2,258 1,162 1,243 587 775 329 328 0.2 0.3 0.2 0.1

Domestic Debt Stock 414,649 440,124 468,644 535,448 178,497 151,100 132,930 141,702 67.7 64.9 61.7 61.1

TL 414,649 440,124 468,644 535,448 178,497 151,100 132,930 141,702 67.7 64.9 61.7 61.1

USD 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0

EUR 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0

Foreign Debt Stock 197,868 238,121 291,306 341,038 85,163 81,738 82,615 90,239 32.3 35.1 38.3 38.9

USD 119,454 148,433 191,383 222,366 51,422 50,959 54,285 58,847 19.5 21.9 25.2 25.4

JPY 13,549 16,387 19,815 23,604 5,819 5,613 5,607 6,232 2.2 2.4 2.6 2.7

EUR 60,216 67,091 74,291 88,507 25,921 23,034 21,072 23,424 9.8 9.9 9.8 10.1

SDR 3,284 3,951 4,655 5,317 1,415 1,358 1,322 1,408 0.5 0.6 0.6 0.6

Other 1,365 2,258 1,162 1,243 587 775 329 328 0.2 0.3 0.2 0.1

Total Debt Stock / GDP (%) 29.96 29.00 29.13 .. .. .. .. .. .. .. .. ..

USD end period selling rate 2.3230 2.9128 3.5255 3.7787 .. .. .. .. .. .. .. ..

USD/EUR 1.2164 1.0929 1.0542 1.1972 .. .. .. .. .. .. .. ..

USD/SDR 1.4482 1.3872 1.3441 1.42342 .. .. .. .. .. .. .. ..

(1) Provisional.(2) Domestic and Foreign Debt Stock consist of principal liabilities.(3) TL equivalents of debt stock amounts are calculated from original currencies using selling rates of relevant end of periods.


COMPOSITION OF DOMESTIC DEBT BY HOLDERS (1)

COMPOSITION OF DOMESTIC DEBTBY HOLDERS (1)

TIME TO MATURITY OF DOMESTIC DEBT STOCK (1)

DURATION OF TL-DENOMINATEDDOMESTIC DEBT STOCK (1) (2)

(1) Calculated acccording to the values of Official Gazette.

(1) Figures show the weighted average of time to maturity of cash and non-cash stock with their stock values.

(1) Provisional.

(1) Provisional.(2) Excluding non-cash securities and CPI indexed government bonds.

DURATION OF EXTERNAL BOND STOCK (1)

Mon

th

Mon

th

Mon

th

Banking Sector (Left Axis)

Corporate Investors (Right Axis)

Non Residents (Right Axis)

Retail Investors (Right Axis)

Securities Mutual Funds (Right Axis)

Duration

Duration

Total

Cash

Non-cash

84,0

80,0

76,0

72,0

68,0

64,0

60,0

60

50

40

30

20

10

0

35,0

30,0

25,0

20,0

15,0

10,0

5,0

0

69

64

59

54

49

44

39

30

25

20

15

10

5

0

(%)(%)

% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

Residents 86.4 86.6 89.7 91.4 87.6 82.7 76.8 78.5 78.5 82.7 82.7 80.6

Banking Sector 49.1 51.7 55.0 63.4 63.0 56.7 50.5 50.1 47.7 48.9 47.6 47.1

Public Banks 24.2 23.4 26.1 26.9 25.6 24.0 20.3 20.9 19.3 18.7 18.8 17.7

Private Banks 21.5 23.4 23.4 30.8 31.0 25.9 23.9 22.7 22.2 23.7 18.2 18.9

Foreign Banks 2.9 4.1 4.9 4.9 5.5 5.7 5.1 5.6 5.4 5.6 9.9 9.7

Development and Investment Banks 0.6 0.8 0.7 0.8 1.0 1.1 1.2 0.9 0.9 0.9 0.8 0.8

Non Banking Sector 30.4 28.9 30.2 25.7 22.5 24.1 24.4 26.2 28.7 31.8 32.3 31.0

Retail Investors 8.8 5.9 5.5 2.9 1.5 1.6 0.7 0.9 0.4 0.3 0.2 0.2

Corporate Investors 18.1 18.5 19.9 18.5 16.9 18.7 19.8 20.6 23.2 25.3 25.8 24.9

Securities Mutual Funds 3.5 4.5 4.8 4.2 4.0 3.8 3.9 4.7 5.1 6.2 6.4 5.8

CBRT (2) 6.9 6.0 4.6 2.3 2.0 2.0 1.9 2.1 2.0 2.0 2.8 2.5

Non Residents 13.6 13.4 10.3 8.6 12.4 17.3 23.2 21.5 21.5 17.3 17.3 19.4

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0(1) Stock valuation based on Official Gazette prices of last workday of the related month. Additionally, Securities used as collaterals like in REPO transactions are classified within the subsector of the collateral providers.(2) Until 2010, the line includes Non-Cash Securities and amounts related to CBRT Open Market Operations and after 2010, it includes only amounts related to CBRT Open Market Operations.

Source: CBRT

Dec201720162015201420132012201120102009200820072006

67.0

2006

70.7

2007

73.8

2008

71.0

2009

75.8

2010

76.1

2011

77.5

2012

76.2

2013

77.6

2014

78.0

2015

77.3

2016

79.0

Dec 2017

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Dec 2017

24.0 25.7 23.9 24.4 31.0 31.1 33.6 46.9 55.0 55.1 51.9 50.5

22.3 25.7 24.4 25.0 30.9 31.1 33.7 47.0 55.0 55.1 51.9 50.5

32.0 25.7 19.8 14.4 40.4 29.2 22.5 16.4 10.6 27.7 15.3 47.6 8.2

2006

10.2

2007

8.1

2008

7.5

2009

10.6

2010

12.5

2011

15.0

2012

23.1

2013

28.9

2014

30.3

2015

30.7

2016

31.4

Dec 2017


AVERAGE TIME TO MATURITY OF CENTRAL GOVERNMENT DEBT STOCK (YEAR)

Domestic Debt Stock External Debt Stock Total Debt Sock

2005 2.0 5.7 2.9

2006 2.0 7.0 3.4

2007 2.1 7.7 3.4

2008 2.0 7.9 3.6

2009 2.0 7.9 3.5

2010 2.6 8.8 4.1

2011 2.6 9.0 4.4

2012 2.8 9.4 4.6

2013 3.9 9.3 5.6

2014 4.6 9.5 6.1

2015 4.6 9.5 6.3

2016 4.3 9.4 6.3

2017 (1) 4.2 9.9 6.4

(1) As of December 31, 2017. Provisional.

TIME TO MATURITY OF CENTRAL GOVERNMENT EXTERNAL DEBT STOCK (YEAR)

Time To Maturity of External Bond Stock

Average Time To Maturity of External Debt Stock

Time To Maturity of External Debt Stock

2005 8.1 5.7 7.5

2006 9.6 7.0 8.8

2007 9.8 7.7 9.5

2008 10.3 7.9 9.8

2009 9.6 7.9 9.6

2010 10.3 8.8 10.5

2011 10.1 9.0 10.8

2012 10.2 9.4 11.1

2013 9.9 9.3 11.0

2014 10.1 9.5 11.1

2015 10.2 9.5 11.1

2016 10.1 9.4 11.0

2017 (1) 10.5 9.9 11.5

(1) As of December 31, 2017. Provisional.

PERCENTAGE OF DOMESTIC DEBT MATURINGWITHIN 12 MONTHS (1)

INTEREST RATE RE-FIXING WITHIN 12 MONTHS (PERCENTAGE OF TL DEBT) (1) (2)

(1) Provisional.

(1) Provisional.(2) Include short term debt maturing within 12 months and floating rate debt.

50.0

40.0

30.0

20.0

10.0

0

90.0

80.0

70.0

60.0

50.0

40.0

(%)

(%)


12.0

D 16

11.6

J 17

14.2

F 17

11.4

M 17

11.7

A 17

11.3

M 17

11.9

J 17

12.8

J 17

12.7

A 17

12.6

S 17

10.5

O 17

13.1

N 17

12.8

D 17

46.8

D 16

45.7

J 17

47.9

F 17

45.6

M 17

45.6

A 17

45.3

M 17

46.0

J 17

46.9

J 17

46.5

A 17

46.2

S 17

44.7

O 17

47.1

N 17

46.8

D 17


Million ¨ 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2017 Q2 2017 Q3

Total Public Sector Net Debt (I-II-III-IV) 317,472 289,601 240,465 197,247 186,811 160,989 219,182 232,682 236,972 229,511 l- Total Public Sector Debt Stock (Gross) 496,792 546,046 562,738 622,891 649,936 722,084 819,784 853,995 872,767 908,905

A-Domestic Debt 369,228 387,566 408,367 430,251 443,357 474,248 514,702 528,349 540,743 573,817 Central Government 352,841 368,778 386,542 403,007 414,649 440,124 468,644 483,348 495,328 523,510 Rest of the Public Sector 16,387 18,788 21,826 27,244 28,709 34,124 46,058 45,001 45,415 50,307

B- External Debt 127,565 158,480 154,371 192,640 206,578 247,835 305,081 325,647 332,024 335,088 Central Government 121,305 150,291 146,359 183,185 197,868 238,121 291,306 310,620 316,658 319,165 Rest of the Public Sector 6,260 8,189 8,012 9,455 8,711 9,715 13,775 15,026 15,365 15,923

II- Central Bank Net Assets 86,216 143,162 189,502 271,110 304,360 376,246 397,053 411,558 409,568 429,641 Net Foreign Assets 114,572 150,634 198,965 267,400 288,642 315,955 371,076 380,845 378,989 397,365 Other Asset and Obligations (Net) -28,356 -7,471 -9,464 3,710 15,719 60,292 25,977 30,713 30,579 32,275

III- Public Sector Deposits 47,166 59,762 71,610 84,182 77,372 91,775 100,346 103,048 116,512 136,906 Central Government 25,537 31,096 33,535 45,691 50,592 48,074 48,380 53,950 66,479 84,258 Rest of the Public Sector 21,629 28,666 38,075 38,491 26,779 43,701 51,966 49,098 50,033 52,648

IV-Unemployment Insurance Fund Net Assets 45,939 53,521 61,162 70,352 81,393 93,074 103,202 106,706 109,714 112,847 Net External Debt Stock 12,992 7,847 -44,594 -74,760 -82,063 -68,119 -65,995 -55,199 -46,965 -62,277Net Domestic Debt Stock 304,480 281,755 285,059 272,007 268,874 229,108 285,177 287,881 283,937 291,788Public Net Debt Stock/GDP (%) (2) 27.4 20.8 15.3 10.9 9.1 6.9 8.4 8.6 8.5 7.8 GDP 1,160,014 1,394,477 1,569,672 1,809,713 2,044,466 2,338,647 2,608,526 2,694,116 2,798,427 2,959,480

Million US Dollar 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2017 Q2 2017 Q3

Gross External Debt Stock 291,688 303,743 339,616 389,879 401,945 396,412 405,135 412,700 433,109 437,996

CBRT (-) 11,565 9,334 7,088 5,234 2,484 1,327 821 809 806 704

Banks (-) 81,368 90,161 116,327 154,905 171,231 163,691 161,343 165,156 171,821 172,217

Gross External Debt Stock, Excluding Banking Sector (I) 198,755 204,248 216,201 229,740 228,230 231,394 242,971 246,735 260,481 265,075

Monetary Authorities and Deposit Money Banks (1) 31,630 30,834 38,541 15,232 0 -4,629 7,651 -1,667 -3,496 3,285

Investment and Development Banks & Participation Banks -5,589 -9,158 -12,240 -15,554 -16,529 -16,623 -18,399 -19,203 -19,708 -20,357

Banking Sector / Monetary Sector Net Foreign Assets (II) (2) 26,041 21,676 26,301 -323 -16,529 -21,252 -10,748 -20,870 -23,203 -17,072

Net External Debt Stock (I-II) 172,714 182,572 189,900 230,062 244,759 252,646 253,719 267,605 283,684 282,147

Net External Debt Stok/GDP (%) (3) 22.4 22.0 21.8 24.2 26.2 29.3 29.4 31.6 34.0 33.4

PUBLIC NET DEBT STOCK (1)

TURKEY'S NET EXTERNAL DEBT STOCK

(1) Provisional (Due to update of foreign debt data figures may change retrospectively).(2) For quarterly terms, ratios are calculated using GDP in TL amounts on a four quarter moving basis.

(1) As the Treasury’s obligations to the IMF is included in the liability side of the Monetary Survey table and Gross External Debt Stock, this amount is subtracted from CBT’s liabilities in order to avoid double counting.

(2) Central Bank's Banking Survey data, that is not published anymore, is used for the period before 2005. After 2005, Monetary Survey data is used as a net foreign assets of monetary sector.(3) For quarterly terms, ratios are calculated using GDP in USD amounts on a four quarter moving basis.Source : UT, CBRT, TURKSTAT

Million ¨ 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2017 Q2 2017 Q3

Total Debt 464,964 508,693 513,666 567,918 588,165 646,472 738,501 779,064 803,851 835,971 Central Government 494,914 543,462 554,218 608,590 639,468 706,761 797,730 839,189 862,746 894,238 Local Government 25,349 28,146 29,499 33,567 31,987 36,615 46,633 49,285 52,628 55,599 Social Security Fund 9 11 9 11 9 9 9 9 9 9 Between Sector Consolidation -55,308 -62,925 -70,060 -74,250 -83,299 -96,914 -105,871 -109,419 -111,532 -113,875

Total Debt 464,964 508,693 513,666 567,918 588,165 646,472 738,501 779,064 803,851 835,971 Currency and Deposits 1,057 994 1,139 1,291 1,502 1,815 2,087 2,106 2,182 2,278 Securities 397,467 429,429 440,169 480,065 500,399 546,524 619,409 652,274 675,092 703,500 Loans 66,440 78,271 72,357 86,562 86,265 98,132 117,005 124,685 126,577 130,194

Total Debt / GDP (%) (2) 40.1 36.5 32.7 31.4 28.8 27.6 28.3 28.9 28.7 28.2

GENERAL GOVERNMENT DEBT STOCK DEFINED BY EUROPEAN UNION STANDARDS (1) (r)

(1) Provisional (Due to revision of external debt data, figures may change retrospectively).(2) For quarterly terms, ratios are calculated using GDP in TL amounts on a four quarter moving basis.(r) Data have been revised in the context of adjustment to ESA 2010 standards.


TREASURY GUARANTEES

TREASURY GUARANTEED EXTERNAL DEBT STOCK(1)

TIME TO MATURITY OF TREASURY GUARANTEED DEBT STOCK (1) (YEAR)

Million US Dollar 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2017 Q2 2017 Q3

GRAND TOTAL 5,712 6,618 7,506 8,365 9,751 10,807 11,157 11,498 12,295 12,408 13,227 13,508

Central Administrations 0 0 0 0 0 0 0 300 300 300 300 300

Local Administrations 1,079 1,189 1,280 1,206 1,161 1,114 938 789 687 689 694 705

Funds 138 91 47 17 3 0 0 0 0 0 0 0

Public Sector Financial Institutions (2) 320 876 1,880 2,821 3,994 5,028 5,812 6,370 7,411 7,565 8,131 8,405

Public Sector Non-Financial Institutions (3) 1,242 1,280 1,187 1,162 1,214 1,158 989 858 803 838 936 975

Private Sector Financial Institutions (4) 2,637 2,996 3,017 3,121 3,367 3,506 3,416 3,181 3,094 3,016 3,165 3,122

Private Sector Non-Financial Institutions 296 187 96 38 12 1 0 0 0 0 0 0

INTEREST RATE COMPOSITION 5,712 6,618 7,506 8,365 9,751 10,807 11,157 11,498 12,295 12,408 13,227 13,508

Fixed 1,396 1,503 1,600 1,621 2,005 2,436 2,974 3,263 3,605 3,663 4,050 4,122

Floating 4,045 4,851 5,678 6,537 7,565 8,215 8,067 8,153 8,626 8,693 9,124 9,276

Combined 271 264 228 207 181 156 116 83 64 52 53 110

CURRENCY COMPOSITION 5,712 6,618 7,506 8,364 9,751 10,807 11,157 11,498 12,295 12,408 13,227 13,508

USD 2,237 2,520 2,956 3,423 4,111 4,609 5,051 5,422 5,755 5,779 6,082 6,229

JPY 90 64 33 29 21 26 39 54 76 85 94 116

EUR 3,358 4,011 4,498 4,897 5,566 6,125 6,026 5,909 6,287 6,372 6,874 6,988

OTHERS 27 23 19 16 54 46 41 113 178 172 177 175

(1) Provisional. (2) Represents Public Banks. (3) Represents SOEs, Izmit Gas Distribution Company (IZGAZ) and Istanbul Olimpic Games Preparation & Organization Board.

The stocks of the privatised institutions take place here until the privatisation date.(4) Represents Turkey Industrial Development Bank Inc. (TSKB).

(1) Provisional.

2017 Q2 2017 Q3

Time to Maturity

Avg. Time to Maturity

Time to Maturity


Public 10.3 6.0 10.3 5.9

General Government 11.0 6.4 11.0 6.3

Central Government 12.8 7.6 12.6 7.3

Local Administrations 10.2 5.9 10.3 5.9

Financial Institutions 10.1 5.8 10.1 5.7

Public Banks 10.1 5.8 10.1 5.7

Non Financial Institutions 11.2 7.2 11.7 7.1

SOEs 11.2 7.2 11.7 7.1

Public Enterprises - - - -

Private 12.4 6.7 12.3 6.7


Banks 12.4 6.7 12.3 6.7

Total 10.8 6.1 10.8 6.1


TREASURY GUARANTEED DEBT AGREEMENTS (2017 January-December)

Borrower Credit Name LenderAgreement

DateAgreement

AmountGuarantee Ratio (%)

CurrencyMaturity (Year)

GracePeriod (Year)

Amount in Terms of

USD

TKB Development Loan III for SMEs and MidcapsEuropean

Investment Bank

09.Feb.17 100,000,000 100% EUR 8 3 106,540,000

TKB Renewable Energy and Energy EfficiencyIslamic

Development Bank

22.Nov.17 200,000,000 100% USD 20 5 200,000,000

Türk Eximbank SMEs and MIDCAPs Loan

Council of Europe

Development Bank

22.Dec.17 150,000,000 100% EUR 6 2.5 177,960,000

Total 484,500,000

LOANS SUBJECT TO DEBT ASSUMPTION AGREEMENTS

Project Name PPP ModelDebt Assumption Agreement Date

Total Project Cost (USD)

Loan Amount (USD)

Eurasia Tunnel Project Build-Operate-Transfer 12.11.2012 1,239,863,000 960,000,000

Odayeri-Paşaköy Section (including Third Bosphorus Bridge) of the Northern Marmara Motorway

Build-Operate-Transfer05.13.2014

3,456,244,239 2,318,000,000

03.11.2016 420,000,000

Gebze-Orhangazi-İzmir Motorway (including the Izmit Gulf Crossing and access roads)

Build-Operate-Transfer 06.05.2015 6,312,392,047 4,956,312,328

Northern Marmara Motorway- Kınalı-Odayeri Section Build-Operate-Transfer 12.22.2017 1,334,675,727 1,040,000,000

Northern Marmara Motorway - Kurtköy-Akyazı Section Build-Operate-Transfer 12.22.2017 2,212,342,572 1,634,000,000

Total 14,555,517,585 11,328,312,328

TREASURY GUARANTEED DEBT AGREEMENTS (1) (2004-2017)

Million US Dollar 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

Public 2 209 2,044 637 1,393 2,178 1,101 790 1,022 1,858 2,085 2,463 1,972 485

Financial Institutions 0 0 255 410 731 1,652 754 790 1,022 1,858 1,339 2,163 1,572 485

SOEs 0 61 961 0 444 184 0 0 0 0 746 0 400 0

Local Administrations 2 148 827 227 217 341 347 0 0 0 0 0 0 0

Central Government 0 0 0 0 0 0 0 0 0 0 0 300 0 0

Private 806 590 255 266 607 582 100 607 319 692 370 260 473 0

Total 808 799 2,299 903 1,999 2,759 1,201 1,397 1,341 2,550 2,456 2,723 2,445 485

(1) Contract based

REPAYMENTS OF TREASURY GUARANTEED DEBT (January-December 2017)

Million

US

Dol

lar

Paid By Treasury

Paid By Institution

Total

1300120011001000900800700600500400300200100

0


BY BUDGET TYPE(Million US Dollar)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(1) Total

Local Administrations 187 145 159 173 152 136 132 139 131 130 99 1,580

Paid by Treasury 85 54 50 57 47 41 32 32 28 27 11 463

Paid by Institution 101 91 109 116 105 95 100 107 103 103 88 1,117

Funds 67 60 56 49 33 15 2 0 0 0 0 282

Paid by Treasury 0 0 0 0 0 0 0 0 0 0 0 0

Paid by Institution 67 60 56 49 33 15 2 0 0 0 0 282

Public Sector Financial Institutions 43 24 31 52 57 80 102 194 305 441 624 1,954

Paid by Treasury 0 0 0 0 0 0 0 0 0 0 0 0


Public Sector Non Financial Institutions 251 250 214 185 176 171 226 237 203 156 129 2,199

Paid by Treasury 116 83 121 6 1 0 0 0 0 0 0 326


Private Sector Financial Institutions 116 225 202 207 263 345 346 373 357 339 372 3,146

Paid by Treasury 0 0 0 0 0 0 0 0 0 0 0 0


Private Sector Non Financial Institutions 150 129 113 94 59 27 11 1 0 0 0 584

Paid by Treasury 0 0 0 0 0 0 0 0 0 0 0 0

Paid by Institution 150 129 113 94 59 27 11 1 0 0 0 584

TOTAL 814 834 774 760 739 774 820 943 996 1,067 1,223 9,745

Paid by Treasury 201 137 171 62 47 41 32 32 28 27 11 789

Paid by Institution 613 697 603 698 692 734 788 911 968 1,040 1,212 8,956

REPAYMENTS OF TREASURY GUARANTEED DEBT (2007 - 2017)

(1) As of December 31, 2017.

99

88

11

Local Administrations

624

624

0

Public Sector Financial Ins.

129

129

0

Public Sector Non-Financial Ins.

372

372

0

Private Sector Financial Ins.

1223

1212

11

Total


TREASURY GUARANTEED DEBT PAYMENT PROJECTIONS (1)

(1) Provisional as of September 30, 2017

Million

US

Dol

lar

Central Government

Local Administrations

Public Sector Financial Ins.

Public Sector Non-Financial Ins.

Private Sector Financial Ins.

Total

1400

1200

1000

800

600

400

200

0

Thousand ¨ 2016 December 2017 December

Total Payments 83,542 41,085

Non-Financial Institutions 0 0

Financial Institutions 0 0

Private Sector Financial Institutions 0 0

BOT 0 0

Local Administrations 83,542 41,085

Central Government 0 0

FX Differences 0 0

Total Income(2) 466,344 522,143

Non-Financial Institutions 806 2,751

Financial Institutions 6,955 3,918

Private Sector Financial Institutions 0 0

BOT 0 0

Local Administrations 385,040 410,963

Central Government 0 0

CBRT Interest Revenue 73,543 104,511

RISK ACCOUNT (1)

(1) Risk Account which belongs to the Treasury has been established at the Central Bank of Turkey for the undertaking of the repayments by the Treasury for Treasury guarantees.

(2) Provisional.

424

97

36

249

42

0

2017

1,543

398

113

914

119

0

2018

1,653

418

60

1,053

100

22

2019

1,830

378

64

1,254

92

42

2020

TREASURY NON-GUARANTEED LOAN AGREEMENTSOF PUBLIC SECTOR

TREASURY NON-GUARANTEED EXTERNAL DEBT AGREEMENTS ( Jan-Dec 2017 )

Borrower Project Name Lender Agreement Date

Agreement Amount Currency Maturity

(Year)

Grace Period(Year)

Amount In Terms Of USD

Istanbul Metropolitan Municipality

İstanbul Ataköy - İkitelli Metro Line EBRD 01.11.2017 88,272,200.00 EUR 12.9 3.4 93,506,741.46

T.C. Ziraat Bank Bond Erste Group Bank A.G. 02.17.2017 900,000,000.00 JPY 3.0 3.0 7,912,783.54T. Halk Bank Budget Financing Bank of America, N.A. 03.08.2017 150,313,927.12 USD 1.0 1.0 150,313,927.12T.C. Ziraat Bank Bond Cıtıgroup Global Markets 04.27.2017 600,000,000.00 USD 5.0 5.0 600,000,000.00Turk Eximbank Budget Financing Abu Dhabi Commercial Bank 07.06.2017 50,000,000.00 USD 2.0 2.0 50,000,000.00Turk Eximbank Budget Financing Societe Generale 23.06.2017 186,500,000.00 EUR 3.0 3.0 208,245,900.00Turk Eximbank Budget Financing China Development Bank 15.08.2017 200,000,000.00 USD 3.1 3.1 200,000,000.00Turk Eximbank Bond Cıtıgroup Global Markets 14.09.2017 500,000,000.00 USD 5.0 5.0 500,000,000.00T.C. Ziraat Bank Bond Societe Generale 27.09.2017 500,000,000.00 USD 6.0 6.0 500,000,000.00Antalya Metropolitan Municipality

Antalya Mun. construction of Light Rail Sys. Phase 3 and Procurement of 20 tram vehicles

International Finance Corporation

17.11.2017 140,000,000.00 EUR 11.7 3.2 164,906,000.00

T.C. Ziraat Bank Budget Financing Noor Bank 09.02.2017 50,000,000.00 USD 1.0 1.0 50,000,000.00T.C. Ziraat Bank Budget Financing Doha Bank Ltd. 07.03.2017 30,000,000.00 USD 1.0 1.0 30,000,000.00T.C. Ziraat Bank Budget Financing Doha Bank Ltd. 24.03.2017 25,000,000.00 USD 1.0 1.0 25,000,000.00T.C. Ziraat Bank Budget Financing Bank Of America Merrill Lynch 03.04.2017 1,044,000,000.00 USD 1.0 1.0 1,044,000,000.00T.C. Ziraat Bank Budget Financing Bank Of America Merrill Lynch 06.07.2017 75,000,000.00 USD 1.0 1.0 75,000,000.00T.C. Ziraat Bank Budget Financing China Development Bank 12.12.2017 200,000,000.00 USD 3.0 0.5 200,000,000.00

Total 3,898,885,352.12


GRANT AGREEMENTS SIGNED WITHIN THE SCOPE OF LAW NUMBERED 4749

Grantee Donor Project Date Currency Original Amount

Amount in USD

Undersecretariat of Treasury New Zealand Government School Construction in Sanliurfa Provience 05.03.2017 NZD 1,280,000 890,000

Undersecretariat of Treasury Czech Republic Supporting the Services Provided for the Syrians 09.12.2016 CZK 20,000,000 809,689

Undersecretariat of Treasury Korean Republic Construction of Six Family Health Care Centers 09.12.2016 USD 5,000,000 5,000,000

Undersecretariat of Treasury Kuwait Fund Supporting the Health Services Provided for the Syrians 19.01.2016 USD 13,000,000 13,000,000

Undersecretariat of Treasury Kuwait Fund Supporting the Education Services Provided for the Syrians 19.01.2016 USD 7,000,000 7,000,000

Undersecretariat of Treasury IFAD Goksu-Taseli Rural Devolepment Project 23.03.2016 Avro 350,000 391,510

Undersecretariat of Treasury IFAD Uplands Rural Development Programme 26.12.2017 Avro 900,000 1,068,210

Total 28,159,409

(1) Provisional. Indicates the total amount of outstanding overdue and projected receivables. (2) Represents privatized SOE's and corporations governed by foundations.

TREASURY RECEIVABLES

TREASURY RECEIVABLES STOCK (1)

Year2016 2017 December

Million ¨ % Million ¨ %

Public 17,270 98.2 17,239 98.5General Government 13,919 79.1 13,195 75.4

Central Government 1,581 9.0 1,581 9.0Local Administrations 12,329 70.1 11,605 66.3Social Security Institutions 9 0.1 9 0.1

Financial Institutions 664 3.8 1,262 7.2Public Banks 664 3.8 1,262 7.2

Non Financial Institutions 2,686 15.3 2,782 15.9SOEs 2,432 13.8 2,744 15.7Public Enterprises 254 1.4 38 0.2

Private 323 1.8 261 1.5Financial Institutions 322 1.8 261 1.5

Banks 322 1.8 261 1.5Non Financial Institutions 1 0.0 0 0.0

Companies(2) 1 0.0 0 0.0Total 17,593 100 17,500 100


(1) Within the framework of Laws No: 5216 and 5393 debts promised by means of exchange, set off and deduction are excluded.(2) Overdue receivables are excluded.(3) Represents privatized SOE's and corporations governed by foundations.

TIME TO MATURITY OF PROJECTED RECEIVABLES STOCK (1) (2) (YEAR)

2016 December 2017


Local Administrations 9,144 66.4 8,555 62.8SOEs 1,787 13.0 1,919 14.1Banks 322 2.3 261 1.9Social Security Institutions 9 0.1 9 0.1Public Banks 664 4.8 1,262 9.3Public Enterprises 254 1.8 38 0.3Central Administrations 1,581 11.5 1,581 11.6Private Institutions 1 0.0 0 0.0

Total 13,763 100 13,625 100

(1) Provisional

OUTSTANDING RECEIVABLESEXCLUDING OVERDUES (1)

OUTSTANDING RECEIVABLESEXCLUDING OVERDUES (December 2017)

SOE's14.1 %Other

23.1 %

Local Admin62.8 %

2016 December 2017


Local Administrations 3,186 83.2 3,051 78.7

SOE's 644 16.8 825 21.3

Total 3,830 100 3,876 100.0

(1) Provisional

OUTSTANDING OVERDUE RECEIVABLES (1) OUTSTANDING OVERDUE RECEIVABLES(December 2017)

SOE's21.3 %

Local Admin78.7 %

December 16 December 17

Time to Maturity


Time to Maturity

Avg.Time to Maturity

Public 9.8 5.2 9.5 5.1

General Government 9.2 5.0 8.6 4.6

Central Government 3.9 3.0 2.9 2.1




Public Banks 8.6 4.7 8.6 5.0

Non Financial Institutions 11.5 5.7 12.0 6.1

SOEs 12.5 6.4 12.1 6.2

Public Enterprises 2.1 0.8 6.0 2.6

Private 5.2 2.7 5.1 2.7


Banks 5.2 2.7 5.1 2.7

Non-Financial Institutions 3.0 1.0 - -

Companies(3) 3.0 1.0 - -

Total 9.6 5.1 9.3 5.0

SEPTEMBER 2009 25 UNDERSECRETARIAT OF TREASURYJANUARY 2018 25 UNDERSECRETARIAT OF TREASURY

2013 2014 2015 2016 December 2017

Million ¨ % Million ¨ % Million ¨ % Million ¨ % Million ¨ %

Local Administrations 1,356 55.4 827 33.2 184 15.1 786 47.2 1,508 66.9

SOE's 422 17.2 1,050 42.1 457 37.4 322 19.3 161 7.1

Banks 159 6.5 112 4.5 122 10.0 82 4.9 101 4.5

Public Banks 186 7.6 163 6.5 143 11.7 102 6.1 123 5.4

Public Enterprises 227 9.3 234 9.4 219 17.9 264 15.8 240 10.6

Central Administrations 71 2.9 81 3.2 88 7.2 101 6.1 119 5.3

Organizations 11 0.4 5 0.2 1 0.1 0 0.0 0 0.0

Insurance Institutions 13 0.5 14 0.6 0 0.0 0 0.0 0 0.0

Private Institutions 1 0.0 1 0.0 1 0.1 1 0.1 1 0.1

Foundations 0 0.0 5 0.2 6 0.5 7 0.4 0 0.0

Social Security Institution 1 0.0 1 0.0 1 0.1 1 0.1 2 0.1

Total 2,446 100 2,493 100 1,222 100 1,667 100 2,256 100

(1) Provisional

COLLECTIONS FROM TREASURY RECEIVABLES (1)

COLLECTIONS FROM TREASURY RECEIVABLES( January-December 2017 )

SOE's7.1 %

PublicEnterprises

10.6 %

CentralAdministrations

5.3 %

Other10.1 %

LocalAdministrations

66.9 %


DEVELOPMENTS IN THE CREDIT RATING OF TURKEYLONG TERM FOREIGN CURRENCY

LONG TERM TLStandard & Poor's Moody’s Fitch JCR IIRA R&I DBRS

2009 BB (stable) Ba3 (positive) BB+ (stable) BB- (stable) BBB- (stable)01.08.2010 Ba2 (stable)02.01.201002.19.2010 BB+ (positive)10.05.2010 Ba2 (positive)11.24.2010 BB+ (positive)

2010 BB+ (positive) Ba2 (positive) BB+ (positive) BB- (stable) BBB- (stable)09.20.2011 BBB- (positive)11.23.2011 BB+ (stable)

2011 BBB- (positive) Ba2 (positive) BB+ (stable) BB- (stable) BBB- (stable)01.05.2012 BBB (stable)05.01.2012 BBB- (stable)06.20.2012 Ba1 (positive)06.28.2012 BB (positive)11.05.2012 BBB (stable)

2012 BBB- (stable) Ba1 (positive) BBB (stable) BB (positive) BBB (stable)03.27.2013 BBB (stable)05.16.2013 Baa3 (stable)05.23.2013 BBB- (stable) BBB (stable)

2013 BBB (stable) Baa3 (stable) BBB (stable) BBB- (stable) BBB (stable) BBB (stable)02.07.2014 BBB (negative)04.11.2014 Baa3 (negative)

2014 BBB (negative) Baa3 (negative) BBB (stable) BBB- (stable) BBB (stable) BBB (stable)05.08.2014 BBB- (negative)

2015 BBB- (negative) Baa3 (negative) BBB (stable) BBB- (stable) BBB (stable) BBB (stable)05.06.2016 BBB- (stable)07.20.2016 BB+ (negative)07.21.2016 BBB Low (negative)07.22.2016 BBB- (stable)08.19.2016 BBB- (negative)09.23.2016 Ba1 (stable)11.04.2016 BB+ (stable)

2016 BB+ (stable) Ba1 (Stable) BBB- (negative) BBB- (stable) BBB (stable) BBB Low (negative)01.27.2017 BB+ (negative) BBB- (stable)03.17.2017 Ba1 (negative)

Current BB+ (negative) Ba1 (negative) BBB- (stable) BBB- (stable) BBB (stable) BBB Low (negative)

Standard & Poor's Moody’s Fitch JCR IIRA R&I DBRS2009 BB- (stable) Ba3 (positive) BB+ (stable) BB- (stable) BB+ (stable)

01.08.2010 Ba2 (stable)02.01.2010 BB (stable)02.19.2010 BB (positive)10.05.2010 Ba2 (positive)11.24.2010 BB+ (positive)

2010 BB (positive) Ba2 (positive) BB+ (positive) BB (stable) BB+ (stable)11.23.2011 BB+ (stable)

2011 BB (positive) Ba2 (positive) BB+ (stable) BB (stable) BB+ (stable)01.05.2012 BBB- (stable)05.01.2012 BB (stable)06.20.2012 Ba1 (positive)09.20.2012 BB+ (positive)11.05.2012 BBB- (stable)

2012 BB (stable) Ba1 (positive) BBB- (stable) BB (stable) BBB- (stable) BB+ (positive)03.27.2013 BB+ (stable)05.16.2013 Baa3 (stable)05.23.2013 BBB- (stable) BBB Low (stable)

2013 BB+ (stable) Baa3 (stable) BBB- (stable) BBB- (stable) BBB- (stable) BB+ (positive) BBB Low (stable)02.07.2014 BB+ (negative)02.21.2014 BB+ (stable)04.11.2014 Baa3 (negative)

2014 BB+ (negative) Baa3 (negative) BBB- (stable) BBB- (stable) BBB- (stable) BB+ (stable) BBB Low (stable)2015 BB+ (negative) Baa3 (negative) BBB- (stable) BBB- (stable) BBB- (stable) BB+ (stable) BBB Low (stable)

05.06.2016 BB+ (stable)07.20.2016 BB (negative)07.29.2016 BB High (negative)08.19.2016 BBB- (negative)09.23.2016 Ba1 (stable)11.04.2016 BB (stable)

2016 BB (stable) Ba1 (stable) BBB- (negative) BBB- (stable) BBB- (stable) BB+ (stable) BB High (negative)01.27.2017 BB (negative) BB+ (stable)03.17.2017 Ba1 (negative)

Current BB (negative) Ba1 (negative) BB+ (stable) BBB- (stable) BBB- (stable) BB+ (stable) BB High (negative)

Note: Islamic International Rating Agency (IIRA) has assigned BBB credit rating for long-term local currency obligations and BBB- credit rating for long-term foreign currency obligations on January 5, 2012.


CALENDAR

Domestic Borrowing Calendar February 2018

I. Week II. Week III. Week IV. Week V. Week

Auction Announcement - 02/09 02/16 - -

Zero-coupon TL Auction - - 02/12 - -

Fixed-Coupon TL Auction - - 02/12-13 - -

Floating Rate Note Auction - - - 02/20 -

CPI Indexed Auction - - 02/12 - -

Lease Certificate Issuance - - 02/13 - -

Announcement of Monthly Auction Calender - - - - 02/28

Domestic Borrowing Calendar March 2018


Auction Announcement - 03/09 03/16 - -

Zero-coupon TL Auction - - - - -

Fixed-Coupon TL Auction - - 03/13 03/20 -

Floating Rate Note Auction - - - - -

CPI Indexed Auction - - - - -

Lease Certificate Issuance - - - - -


Domestic Borrowing Calendar April 2018


Auction Announcement - 04/13 - - -

Zero-coupon TL Auction - - - - -

Fixed-Coupon TL Auction - - 04/17 - -

Floating Rate Note Auction - - - - -

CPI Indexed Auction - - - - -

Lease Certificate Issuance - - - - -


PRIMARY DEALER BANKS

Bank Name Web-Address Phone

Akbank www.akbank.com.tr 0-212-270 00 44

DenizBank A.Ş. www.denizbank.com 0-212-336 40 00

Deutsche Bank A.Ş. www.deutschebank.com.tr 0-212-317 01 00

Finansbank A.Ş. www.finansbank.com.tr 0-212-318 59 01

HSBC Bank A.Ş. www.hsbc.com.tr 0-212-366 30 00

ING Bank A.Ş. www.ingbank.com.tr 0-212-335 10 00

T. Ekonomi Bankası A.Ş. www.teb.com.tr 0-216-635 35 35

T.C. Ziraat Bankası www.ziraat.com.tr 0-212-285 22 80

T. Garanti Bankası A.Ş. www.garanti.com.tr 0-212-318 18 18

T. Halk Bankası A.Ş. www.halkbank.com.tr 0-216-503 70 70

T. İş Bankası A.Ş. www.isbank.com.tr 0-212-316 00 00

T. Vakıflar Bankası T.A.O. www.vakifbank.com.tr 0-212-316 70 00

Yapı ve Kredi Bankası www.ykb.com.tr 0-212-339 70 00


DATA DISSEMINATION CALENDARData Date of Dissemination

Central Government Debt StatisticsCentral Government Domestic Debt Statistics

Borrowing StatisticsAverage Cost of Domestic Borrowing 8th of each month / following business dayAverage Maturity of Domestic Borrowing 8th of each month / following business dayTRY Denominated Zero Coupon Bonds After the auctionsTRY Denominated Fixed Couponed Bonds After the auctionsTRY Denominated CPI Indexed Bonds After the auctionsTRY Denominated Floating Rate Notes After the auctionsRevenue Indexed Bonds After the auctionsArchive

Switching Auctions (2003 - 2010)FX Denominated Floating Rate Notes (2004 - 2006)FX Denominated Zero Coupon Bonds (2001 - 2007)FX Denominated Fixed Couponed Bonds (2003 - 2010)Revenue Indexed Bond Sales (2009 - 2011)Buyback Auctions (2006 - 2010)TRY Denominated Floating Rate Notes (1999 - 2011)TRY Denominated Zero Coupon Bonds (1998 - 2011)TRY Denominated Fixed Couponed (2003 - 2011)CPI Indexed Bonds (1998 - 2011)

Payment StatisticsCentral Government Domestic Debt Payments 20th of each month / following business dayCentral Government Domestic Debt Payment Projections (Monthly) 20th of each month / following business dayCentral Government Domestic Debt Payment Projections (Yearly) 20th of each month / following business day

Central Government Domestic Debt Stock - List of Securities Every MondayInformation on Securities Issued During 2000-2001 CrisisNon-Cash Domestic Debt Stock 20th of each month / following business dayComposition of Domestic Debt Stock by Holders

Composition of Domestic Debt Stock by Holders (2006 - 2010) 20th of each month / following business dayArchive

Composition of Domestic Debt Stock by Holders (2006 - 2010)Central Government External Debt Statistics

Borrowing StatisticsProgram and Project Loans of the Central Government Last business day of each monthCentral Government International Bond Issues After Issue Date

Payment StatisticsCentral Government External Debt Payments 20th of each month / following business dayCentral Government External Debt Payment Projections (Monthly) 20th of each month / following business dayCentral Government External Debt Payment Projections (Annual) 20th of each month / following business day

Central Government External Debt Stock - by Lender 20th of each month / following business dayArchive

Central Government External Debt Stock - by Lender (1986-...)Central Government Debt Stock Statistics

Central Government Debt Stock by Instrument Type 20th of each month / following business dayCentral Government Debt Stock - by Interest Type 20th of each month / following business dayAverage Time to Maturity of Central Government Debt Stock 20th of each month / following business dayArchive

Central Government Debt Stock by Instrument Type (2002 - 2010)Central Government Debt Stock - by Interest Type (2003 - 2010)

EU-Defined General Government Debt Stock StatisticsEU-Defined General Government Debt Stock Last business day of 3rd, 6th, 9th and 12th months

Public Net Debt Stock StatisticsPublic Net Debt Stock Last business day of 3rd, 6th, 9th and 12th months

External Debt Statistics of TurkeyGross External Debt Stock Statistics of Turkey

Gross External Debt Stock of Turkey Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of Turkey - by Lender Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of Public Sector - by Lender Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of CBRT - by Lender Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of Private Sector - by Lender Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of Turkey - by Borrower Last business day of 3rd, 6th, 9th and 12th monthsGross External Debt Stock of Turkey - Currency Composition Last business day of 3rd, 6th, 9th and 12th monthsDebt Stock of Bonds Issued in International Markets Last business day of 3rd, 6th, 9th and 12th monthsArchive

Gross External Debt Stock of Turkey (Archive)External Debt Payment Projections of Turkey

External Debt Payment Projections of Turkey Last business day of 3rd, 6th, 9th and 12th monthsNet External Debt Stock Statistics of Turkey

Net External Debt Stock of Turkey Last business day of 3rd, 6th, 9th and 12th monthsTreasury Cash Balance Realizations

Treasury Cash Balance Realizations 6 th working day of each monthArchive

Treasury Cash Balance Realizations (2005-2011)Data on Treasury Receivables

Treasury Receivables by SourcesReceivables Arising From Undertaken Payments Due To Treasury Guarantees 20th of each month / following business dayReceivables Arising from Onlendings 20th of each month / following business dayArchive

Receivables Arising From Undertaken Payments Due To Treasury Guarantees (1992-2005)

Collections from Treasury ReceivablesCollections From Treasury Receivables 20th of each month / following business day

Treasury Receivables StockStock of Treasury Receivables 20th of each month / following business dayStock of Overdue Receivables 20th of each month / following business dayStock of Projected Receivables 20th of each month / following business day

Data on Treasury GuaranteesTreasury Repayment Guarantees

Loans Provided Under Treasury GuaranteesLoans Provided Under Treasury Guarantees Last business day of 3rd, 6th, 9th and 12th monthsLoans Provided Under Treasury Guarantees - Lender Distribution Last business day of 3rd, 6th, 9th and 12th months

Repayments of Treasury Guaranteed LoansRepayments of Treasury Guaranteed Loans 20th of each month / following business dayRepayment Projections of Loans Provided Under Treasury Guarantees Last business day of 3rd, 6th, 9th and 12th months

Treasury Guaranteed Debt StockTreasury Guaranteed External Debt Stock Last business day of 3rd, 6th, 9th and 12th monthsTreasury Guaranteed External Debt Stock- Lender Distribution Last business day of 3rd, 6th, 9th and 12th months

Treasury Investment GuaranteesPPP Projects With Treasury Investment Guarantees 20th of 6th and 12th months / following business day

Non-Guaranteed External Debt of Public InstitutionsLoans Provided By Public Institutions Without Treasury Guarantees 20th day of each month / following business dayExternal Debt Stock of Loans Provided by Public Institutions without Treasury Guarantee Last business day of 3rd, 6th, 9th and 12th months

Budget Financing StatisticsGeneral Budget Balance and Financing 20th of each month / following business dayCentral Government Budget Balance and Financing 20th of each month / following business dayArchive

General Budget Balance and Financing (2006-2010)Central Government Budget Balance and Financing (2006-2010)

Consolidated Government Sector (CGS) RealizationsCentral Governmet Budget Primary Balance -Program Definition 20th of each month / following business dayArchive

Consolidated Government Sector (2004-2010)Central Governmet Budget Primary Balance -Program Definition (2004-2010)

Special Data Dissemination Standards (SDDS) Economic and Financial Data for TurkeyEconomic and Financial Data For Turkey


ANNEX

CENTRAL GOVERNMENT EXTERNAL DEBT STOCK (1)

(1) Provisional.

(1) Provisional.(2) SDR allocation is included.

Million USD 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

CENTRAL GOVERNMENT EXTERNAL DEBT STOCK 67,121 69,757 74,054 78,085 79,184 81,710 85,663 85,163 81,738 82,615 90,239

Loan 28,377 30,851 33,155 33,900 32,657 30,501 30,010 26,988 24,294 22,664 23,475

Multilateral Agencies 17,280 18,912 21,385 20,868 18,808 17,722 18,411 17,206 16,071 15,132 16,425

(IMF) 7,144 8,563 7,935 5,629 2,885 864 0 0 0 0 0

(SDR Allocation) (2) 0 0 1,499 1,478 1,476 1,474 1,477 1,389 1,330 1,289 1,365

Bilateral Lenders 4,932 5,538 5,657 6,307 6,510 5,940 5,175 4,755 4,356 4,097 4,290

Others 6,165 6,401 6,113 6,725 7,339 6,838 6,423 5,028 3,867 3,435 2,759

Bond 38,744 38,907 40,899 44,185 46,527 51,209 55,654 58,175 57,444 59,951 66,764

% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

CENTRAL GOVERNMENT EXTERNAL DEBT STOCK 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Loan 42.3 44.2 44.8 43.4 41.2 37.3 35.0 31.7 29.7 27.4 26.0

Multilateral Agencies 25.7 27.1 28.9 26.7 23.8 21.7 21.5 20.2 19.7 18.3 18.2

(IMF) 10.6 12.3 10.7 7.2 3.6 1.1 0.0 0.0 0.0 0.0 0.0

(SDR Allocation) (2) 0.0 0.0 2.0 1.9 1.9 1.8 1.7 1.6 1.6 1.6 1.5

Bilateral Lenders 7.3 7.9 7.6 8.1 8.2 7.3 6.0 5.6 5.3 5.0 4.8

Others 9.2 9.2 8.3 8.6 9.3 8.4 7.5 5.9 4.7 4.2 3.1

Bond 57.7 55.8 55.2 56.6 58.8 62.7 65.0 68.3 70.3 72.6 74.0

GDP % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Nov

CENTRAL GOVERNMENT EXTERNAL DEBT STOCK 9.9 9.0 11.4 10.1 9.5 9.4 9.0 9.1 9.5 9.6 ..

Loan 4.2 4.0 5.1 4.4 3.9 3.5 3.2 2.9 2.8 2.6 ..

Multilateral Agencies 2.6 2.4 3.3 2.7 2.3 2.0 1.9 1.8 1.9 1.8 ..

(IMF) 1.1 1.1 1.2 0.7 0.3 0.1 0.0 0.0 0.0 0.0 ..

(SDR Allocation) (2) 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.1 ..

Bilateral Lenders 0.7 0.7 0.9 0.8 0.8 0.7 0.5 0.5 0.5 0.5 ..

Others 0.9 0.8 0.9 0.9 0.9 0.8 0.7 0.5 0.4 0.4 ..

Bond 5.7 5.0 6.3 5.7 5.6 5.9 5.9 6.2 6.7 6.9 ..

DOMESTIC DEBT STOCK

Million ¨ 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017

Dec (1)

TOTAL DOMESTIC DEBT 224,483 244,782 251,470 255,310 274,827 330,005 352,841 368,778 386,542 403,007 414,649 440,124 468,644 535,448

CASH 165,579 194,153 208,376 220,582 248,691 313,232 350,379 366,355 384,672 401,754 414,000 440,077 468,598 535,402

BOND 135,307 176,335 198,783 214,448 234,713 299,196 340,854 366,355 380,988 401,754 414,000 440,077 467,574 534,428

BILL 30,272 17,818 9,594 6,134 13,978 14,036 9,525 0 3,684 0 0 0 1,025 974

NON-CASH 58,904 50,629 43,094 34,728 26,136 16,772 2,463 2,424 1,870 1,253 648 48 46 46

BOND 58,904 50,629 43,094 34,728 26,136 16,772 2,463 2,424 1,870 1,253 648 48 46 46

GDP 677,439 776,640 646,895 772,367 831,691 871,123 950,351 934,855 861,879 862,744 ..

AĞUSTOS 2009 30 HAZİNE MÜSTEŞARLIĞIJANUARY 2018 30 UNDERSECRETARIAT OF TREASURY

Milli

on S

DR

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

I. Di

sbur

sem

ent

236

225

00

058

32,

622

8,89

59,

929

1,19

179

41,

666

1,99

974

92,

248

00

00

0

II. D

ebt S

ervi

ce3

1620

4118

321

910

51,

207

5,54

41,

863

3,80

55,

910

5,63

53,

741

1,50

258

21,

508

1,82

61,

328

565

Prin

cipa

l0

00

2016

521

066

868

4,91

61,

224

3,15

85,

267

5,09

23,

373

1,24

445

81,

423

1,78

01,

312

562

Inte

rest

316

2021

188

4033

962

863

964

764

454

336

825

812

485

4616

3

III. N

et F

inan

cing

(I-II

)23

320

9-2

0-4

1-1

8336

52,

517

7,68

84,

385

-672

-3,0

11-4

,245

-3,6

37-2

,992

746

-582

-1,5

08-1

,826

-1,3

28-5

65

IV. N

et F

inan

cing

Exclu

ding

Inte

rest

236

225

0-2

0-1

6537

32,

556

8,02

85,

013

-33

-2,3

64-3

,601

-3,0

94-2

,624

1,00

4-4

58-1

,423

-1,7

80-1

,312

-562

V. IM

F De

bt S

tock

(end

of p

erio

d)23

646

146

144

027

664

93,

205

11,2

3316

,246

16,2

1313

,848

10,2

477,

154

4,53

05,

534

5,07

63,

654

1,87

456

20

Milli

on U

S Do

llar (2

)19

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13

I, Di

sbur

sem

ent

344

334

00

080

03,

416

11,1

7913

,499

1,77

01,

233

2,38

03,

007

1,18

43,

463

00

00

0

II, D

ebt S

ervi

ce4

2429

5625

830

013

71,

517

7,53

72,

768

5,90

98,

447

8,47

85,

912

2,31

491

32,

322

2,80

42,

039

870

Prin

cipa

l0

00

2723

228

886

1,09

06,

684

1,81

94,

905

7,52

77,

661

5,33

11,

916

718

2,19

12,

733

2,01

686

6

Inte

rest

424

2928

2611

5242

685

394

91,

005

920

817

581

398

195

131

7123

4

III, N

et F

inan

cing

(I-II

)34

031

1-2

9-5

6-2

5850

13,

279

9,66

25,

962

-998

-4,6

77-6

,067

-5,4

71-4

,727

1,14

9-9

13-2

,322

-2,8

04-2

,039

-870

IV, N

et F

inan

cing

Exclu

ding

Inte

rest

344

334

0-2

7-2

3251

23,

331

10,0

886,

815

-49

-3,6

72-5

,147

-4,6

54-4

,146

1,54

7-7

18-2

,191

-2,7

33-2

,016

-866

V, IM

F De

bt S

tock

(end

of p

erio

d)34

468

566

259

438

889

14,

176

14,1

1722

,086

24,0

9221

,507

14,6

4610

,762

7,15

88,

524

7,95

85,

627

2,87

786

40

NET

FIN

AN

CIN

G F

RO

M T

HE

INTE

RN

ATI

ON

AL

MO

NET

AR

Y F

UN

D (1

)

(1)

The

Und

erse

cret

aria

t of T

reas

ury

and

the

Cent

ral B

ank

com

bine

d. T

he U

nder

secr

etar

iat o

f Tre

asur

y m

ade

its la

st di

sbur

sem

ent i

n 20

08 a

nd c

ompl

eted

its r

epay

men

t obl

igat

ions

in 2

013,

whi

le T

he C

entra

l Ban

k m

ade

its la

st di

sbur

sem

ent i

n 20

01 a

nd c

ompl

eted

its r

epay

men

t obl

igat

ions

in 2

005.

(2)

End-

year

$/S

DR

rate

s are

use

d. A

ll $/

SDR

rate

s are

take

n fro

m th

e IM

F w

eb si

te (w

ww

.imf.o

rg).


(1)

Sinc

e O

ct 0

1, 2

001,

CB

RT is

resp

onsi

ble

for m

onito

ring

priv

ate

sect

or d

ebt.

(2)

For q

uarte

rly te

rms,

ratio

s ar

e ca

lcul

ated

usi

ng G

DP

in U

SD a

mou

nts

on a

four

qua

rter m

ovin

g ba

sis.

Sour

ce :

UT,

CB

RT, T

UR

KST

AT

GR

OSS

EX

TER

NA

L D

EBT

of T

UR

KEY

Mill

ion

USD

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Q1

2017

Q2

2017

Q3

PUBL

IC S

ECTO

R

SHOR

T TE

RM2,

133

1,75

02,

163

3,24

83,

598

4,29

07,

013

11,0

4017

,605

17,8

6614

,550

16,2

7916

,515

17,2

9117

,177

LONG

TER

M68

,278

69,8

3771

,362

75,0

8679

,915

84,8

1987

,266

92,9

8398

,340

99,8

2198

,595

103,

568

106,

568

112,

102

112,

261

TOTA

L (I)

70,4

1171

,587

73,5

2578

,334

83,5

1389

,109

94,2

7910

4,02

311

5,94

511

7,68

711

3,14

511

9,84

712

3,08

312

9,39

312

9,43

8

CBRT

SHOR

T TE

RM2,

763

2,56

32,

282

1,87

41,

764

1,55

31,

239

1,03

683

334

217

611

010

810

997

LONG

TER

M12

,662

13,1

1513

,519

12,1

9211

,398

10,0

128,

095

6,05

24,

401

2,14

21,

151

711

701

697

607

TOTA

L (II

)15

,425

15,6

7815

,801

14,0

6613

,162

11,5

659,

334

7,08

85,

234

2,48

41,

327

821

809

806

704

PRIV

ATE

SECT

OR

SHOR

T TE

RM34

,018

38,5

4038

,697

47,3

9043

,615

71,3

8973

,304

88,0

7911

1,85

311

3,35

787

,151

81,6

6085

,666

91,5

5393

,192

LONG

TER

M (1

)50

,921

82,1

9812

1,90

214

1,03

612

8,45

611

9,62

512

6,82

614

0,42

615

6,84

716

8,41

719

4,78

920

2,80

720

3,14

221

1,35

621

4,66

3

TOTA

L (II

I)84

,939

120,

738

160,

599

188,

426

172,

071

191,

014

200,

130

228,

505

268,

700

281,

774

281,

940

284,

467

288,

808

302,

909

307,

855

GROS

S EX

TERN

AL D

EBT

(I+II+

III)

170,

775

208,

002

249,

925

280,

827

268,

747

291,

688

303,

743

339,

616

389,

879

401,

945

396,

412

405,

135

412,

700

433,

109

437,

996

GROS

S EX

TERN

AL D

EBT

/ GDP

(%) (2

) 34

.238

.036

.936

.241

.537

.836

.539

.041

.043

.046

.047

.048

.751

.951

.9


GR

OSS

EX

TER

NA

L D

EBT

OF

TUR

KEY

- B

Y L

END

ER

Mill

ion

USD

2014

2015

2016

2017

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

SHOR

T TE

RM12

5,56

113

1,39

213

1,30

613

1,56

512

8,06

012

5,53

811

8,23

810

1,87

710

5,98

310

6,80

810

2,56

698

,049

102,

289

108,

953

110,

466

PRIV

ATE

CRED

ITOR

S12

3,67

512

8,42

112

7,47

012

7,18

212

3,77

312

1,34

211

5,19

199

,852

105,

038

105,

563

101,

921

97,6

3810

1,80

810

8,52

710

9,87

5

MON

ETAR

Y IN

STIT

UTIO

NS81

,143

84,0

6682

,822

81,6

1681

,129

76,1

1068

,234

51,3

3656

,160

53,9

8551

,825

47,3

8850

,179

52,6

3951

,739

NONM

ONET

ARY

INST

ITUT

IONS

42,5

3244

,355

44,6

4845

,566

42,6

4445

,232

46,9

5748

,516

48,8

7851

,578

50,0

9650

,250

51,6

2955

,888

58,1

36

OFFI

CIAL

CRE

DITO

RS6

619

924

231

831

320

816

417

216

210

824

029

629

744

4

BOND

S (1)

1,88

02,

965

3,63

74,

141

3,96

93,

883

2,83

91,

861

773

1,08

353

717

118

512

914

7

LONG

TER

M26

3,47

727

1,79

826

7,11

527

0,38

026

4,24

327

8,88

428

7,78

129

4,53

530

4,37

231

3,18

331

2,69

730

7,08

631

0,41

132

4,15

632

7,53

0

PRIV

ATE

CRED

ITOR

S13

3,53

613

4,27

412

9,26

112

9,56

912

6,27

513

7,94

314

6,50

215

3,30

115

9,36

316

2,67

716

3,12

715

7,76

215

6,28

815

6,97

615

7,13

4

MON

ETAR

Y IN

STIT

UTIO

NS11

8,10

911

9,47

711

7,19

711

7,77

511

5,30

312

6,33

413

5,15

014

1,67

614

7,10

315

0,27

014

9,97

014

4,99

714

3,45

014

3,41

814

3,22

4

NONB

ANK

FINAN

CIAL

INST

ITUT

IONS

13,8

3413

,634

13,3

8613

,581

13,9

2714

,876

16,3

3217

,503

18,2

6619

,560

19,3

2718

,975

19,1

1019

,470

19,9

84

PRIV

ATE

INVE

TSTM

ENT

& DE

V. BA

NKS

00

00

00

00

00

00

00

0

FORE

IGN

COM

MER

CİAL

BAN

KS75

,999

76,5

6876

,067

76,6

6875

,471

84,3

9791

,455

95,4

0199

,158

100,

584

100,

201

96,3

3195

,135

94,0

9892

,770

FORE

IGN

BRAN

CHES

OF

DOM

ESTI

C BA

NKS

AND

OTHE

RS28

,276

29,2

7427

,743

27,5

2625

,905

27,0

6027

,362

28,7

7229

,678

30,1

2630

,442

29,6

9129

,205

29,8

5030

,470

NONM

ONET

ARY

INST

ITUT

IONS

15,4

2714

,797

12,0

6411

,794

10,9

7211

,609

11,3

5211

,625

12,2

6012

,406

13,1

5812

,764

12,8

3813

,558

13,9

09

OFFI

CIAL

CRE

DITO

RS49

,586

49,2

3847

,909

48,2

5545

,588

46,5

2847

,590

47,3

0148

,430

49,0

3350

,356

48,2

1849

,661

53,6

2756

,314

GOVE

RNM

ENTA

L OR

GANI

ZATI

ONS

10,4

4610

,490

10,2

2810

,115

9,82

09,

876

10,1

7210

,017

10,3

7810

,901

11,0

7110

,638

10,9

9711

,313

11,7

00

PUBL

IC F

INAN

CE IN

STUT

ITIO

NS2,

245

2,32

42,

192

2,20

72,

046

2,01

92,

009

1,96

12,

009

2,25

52,

252

2,06

02,

180

2,19

62,

430

CENT

RAL

BANK

S0

00

00

00

00

00

00

00

CENT

RAL

GOVE

RNM

ENTS

148

137

125

109

9792

9381

8475

7664

6462

64

OFFIC

IAL

DEVE

LOPM

ENT

BANK

S8,

053

8,02

87,

911

7,79

97,

677

7,76

58,

070

7,97

48,

285

8,57

08,

743

8,51

48,

753

9,05

59,

207

MUL

TILA

TERA

L OR

GANI

ZATI

ONS

39,1

4038

,748

37,6

8138

,140

35,7

6836

,652

37,4

1837

,284

38,0

5338

,132

39,2

8537

,580

38,6

6442

,315

44,6

14

IMF-

INTE

RNAT

IONA

L M

ONET

ARY

FUND

1,48

01,

481

1,42

61,

389

1,32

81,

345

1,34

71,

330

1,34

91,

338

1,34

11,

289

1,30

41,

334

1,35

5

IMF

SDR

ALLO

CATİ

ON1,

480

1,48

11,

426

1,38

91,

328

1,34

51,

347

1,33

01,

349

1,33

81,

341

1,28

91,

304

1,33

41,

355

IBRD

14,1

7013

,824

13,1

1913

,110

12,1

6612

,183

12,2

3011

,984

11,7

9011

,559

11,6

0511

,054

11,1

2511

,640

11,5

45

OTHE

R M

ULTI

LATE

RAL

INST

.23

,489

23,4

4323

,136

23,6

4222

,275

23,1

2423

,841

23,9

6924

,914

25,2

3526

,339

25,2

3726

,235

29,3

4031

,714

BOND

S (1)

80,3

5588

,287

89,9

4592

,555

92,3

8194

,414

93,6

8893

,933

96,5

7910

1,47

399

,214

101,

107

104,

462

113,

553

114,

082

GROS

S EX

TERN

AL D

EBT

of T

URKE

Y38

9,03

840

3,19

039

8,42

140

1,94

539

2,30

340

4,42

240

6,01

939

6,41

241

0,35

541

9,99

141

5,26

340

5,13

541

2,70

043

3,10

943

7,99

6

(1) T

he le

nder

cla

ss o

f all

bond

s is

sued

in fo

reig

n m

arke

ts is

"mon

etar

y in

stitu

tions

" acc

ordi

ng to

the

prim

ary

mar

ket i

ssua

nce.


GR

OSS

EX

TER

NA

L D

EBT

OF

TUR

KEY

- B

Y B

OR

RO

WER

(Mill

ion

USD

)20

1420

1520

1620

17

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q2

SHOR

T TE

RM12

5,56

113

1,39

213

1,30

613

1,56

512

8,06

012

5,53

811

8,23

810

1,87

710

5,98

310

6,80

810

2,56

698

,049

102,

289

108,

953

110,

466

PUBL

IC S

ECTO

R17

,843

18,1

5918

,934

17,8

6618

,165

16,9

2415

,355

14,5

5017

,559

16,4

8617

,086

16,2

7916

,515

17,2

9117

,177

GENE

RAL

GOVE

RNM

ENT

00

00

00

00

00

00

00

0

Cent

ral G

over

nmen

t0

00

00

00

00

00

00

00

Loca

l Adm

inis

tratio

ns0

00

00

00

00

00

00

00

Fund

s0

00

00

00

00

00

00

00

FINA

NCIA

L IN

STIT

UTIO

NS17

,843

18,1

5918

,934

17,8

6618

,165

16,9

2415

,355

14,5

5017

,559

16,4

8616

,873

16,0

3816

,268

17,1

0816

,989

Bank

s17

,843

18,1

5918

,934

17,8

6618

,165

16,9

2415

,355

14,5

5017

,559

16,4

8616

,873

16,0

3816

,268

17,1

0816

,989

NON-

FINA

NCIA

L IN

STIT

UTIO

NS0

00

00

00

00

021

324

124

718

318

8

SOE'

s0

00

00

00

00

021

324

124

718

318

8

Othe

r0

00

00

00

00

00

00

00

CBRT

762

661

417

342

290

270

208

176

173

157

131

110

108

109

97

PRIV

ATE

SECT

OR10

6,95

611

2,57

211

1,95

511

3,35

710

9,60

510

8,34

410

2,67

587

,151

88,2

5190

,165

85,3

4981

,660

85,6

6691

,553

93,1

92

FINA

NCIA

L IN

STIT

UTIO

NS73

,987

78,5

0977

,938

78,8

7877

,850

75,0

6568

,901

52,0

2452

,598

52,0

0748

,203

42,9

3845

,259

47,4

0647

,189

Bank

s72

,104

76,4

4776

,049

76,8

7775

,815

73,2

0166

,655

49,9

7050

,423

49,4

8346

,082

41,3

3543

,779

45,2

5044

,911

Non-

Bank

ing

Inst

itutio

ns1,

883

2,06

21,

889

2,00

12,

035

1,86

42,

246

2,05

42,

175

2,52

42,

121

1,60

31,

480

2,15

62,

278

NON-

FINA

NCIA

L IN

STIT

UTIO

NS32

,969

34,0

6334

,017

34,4

7931

,755

33,2

7933

,774

35,1

2735

,653

38,1

5837

,146

38,7

2240

,407

44,1

4746

,003

LONG

TER

M26

3,47

727

1,79

826

7,11

527

0,38

026

4,24

327

8,88

428

7,78

129

4,53

530

4,37

231

3,18

331

2,69

730

7,08

631

0,41

132

4,15

632

7,53

0

PUBL

IC S

ECTO

R99

,376

101,

403

100,

130

99,8

2195

,311

98,8

7099

,765

98,5

9510

0,96

210

4,75

610

4,40

210

3,56

810

6,56

811

2,10

211

2,26

1

GENE

RAL

GOVE

RNM

ENT

90,1

0090

,790

88,9

6888

,213

83,4

9985

,371

85,7

8584

,446

85,8

6088

,066

86,5

3285

,528

88,2

0493

,331

92,9

59

Cent

ral G

over

nmen

t86

,496

87,3

2385

,714

85,1

6380

,716

82,6

2283

,001

81,7

3883

,085

85,3

7183

,522

82,6

1585

,200

90,1

1389

,678

Loca

l Adm

inis

tratio

ns3,

604

3,46

73,

253

3,05

02,

783

2,74

92,

784

2,70

82,

775

2,69

53,

010

2,91

23,

004

3,21

73,

280

Fund

s0

00

00

00

00

00

00

00

FINA

NCIA

L IN

STIT

UTIO

NS8,

133

9,55

410

,188

10,6

1810

,887

12,6

1313

,092

13,2

9114

,256

15,8

5716

,947

17,0

7417

,276

17,5

8618

,077

Bank

s8,

133

9,55

410

,188

10,6

1810

,887

12,6

1313

,092

13,2

9114

,256

15,8

5716

,947

17,0

7417

,276

17,5

8618

,077

NON-

FINA

NCIA

L IN

STIT

UTIO

NS1,

143

1,05

897

598

992

688

788

885

884

783

392

396

61,

088

1,18

61,

225

SOE'

s1,

120

1,04

796

498

992

688

788

885

884

783

392

396

61,

088

1,18

61,

225

Othe

r23

1110

00

00

00

00

00

00

CBRT

4,10

03,

628

2,52

72,

142

1,82

01,

708

1,34

41,

151

1,13

11,

010

833

711

701

697

607

PRIV

ATE

SECT

OR16

0,00

116

6,76

716

4,45

816

8,41

716

7,11

217

8,30

618

6,67

119

4,78

920

2,27

820

7,41

620

7,46

220

2,80

720

3,14

221

1,35

621

4,66

3

FINA

NCIA

L IN

STIT

UTIO

NS74

,649

80,5

4280

,741

84,6

3086

,966

94,5

7910

0,84

910

4,75

710

7,33

110

9,06

810

7,16

210

5,53

910

5,38

110

9,73

310

9,83

9

Bank

s56

,097

60,3

9061

,951

65,8

6968

,716

75,3

6482

,003

85,8

8087

,502

89,5

2187

,608

86,8

9587

,833

91,8

7892

,240

Non-

Bank

ing

Inst

itutio

ns18

,552

20,1

5318

,790

18,7

6018

,250

19,2

1518

,846

18,8

7719

,829

19,5

4719

,554

18,6

4417

,548

17,8

5517

,599

NON-

FINA

NCIA

L IN

STIT

UTIO

NS85

,352

86,2

2583

,717

83,7

8780

,145

83,7

2785

,822

90,0

3194

,948

98,3

4910

0,30

097

,268

97,7

6110

1,62

310

4,82

3

CO

NTI

NU

E


GR

OSS

EX

TER

NA

L D

EBT

OF

TUR

KEY

- B

Y B

OR

RO

WER

Mill

ion

USD

2014

2015

2016

2017

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

GROS

S EX

TERN

AL D

EBT

of T

URKE

Y38

9,03

840

3,19

039

8,42

140

1,94

539

2,30

340

4,42

240

6,01

939

6,41

241

0,35

541

9,99

141

5,26

340

5,13

541

2,70

043

3,10

943

7,99

6

PUBL

IC S

ECTO

R11

7,21

911

9,56

211

9,06

411

7,68

711

3,47

611

5,79

411

5,12

011

3,14

511

8,52

112

1,24

212

1,48

811

9,84

712

3,08

312

9,39

312

9,43

8

GENE

RAL

GOVE

RNM

ENT

90,1

0090

,790

88,9

6888

,213

83,4

9985

,371

85,7

8584

,446

85,8

6088

,066

86,5

3285

,528

88,2

0493

,331

92,9

59

Cent

ral G

over

nmen

t86

,496

87,3

2385

,714

85,1

6380

,716

82,6

2283

,001

81,7

3883

,085

85,3

7183

,522

82,6

1585

,200

90,1

1389

,678

Loca

l Adm

inis

tratio

ns3,

604

3,46

73,

253

3,05

02,

783

2,74

92,

784

2,70

82,

775

2,69

53,

010

2,91

23,

004

3,21

73,

280

Fund

s0

00

00

00

00

00

00

00

FINA

NCIA

L IN

STIT

UTIO

NS25

,976

27,7

1329

,122

28,4

8429

,052

29,5

3728

,447

27,8

4131

,815

32,3

4333

,820

33,1

1233

,544

34,6

9435

,066

Bank

s25

,976

27,7

1329

,122

28,4

8429

,052

29,5

3728

,447

27,8

4131

,815

32,3

4333

,820

33,1

1233

,544

34,6

9435

,066

NON-

FINA

NCIA

L IN

STIT

UTIO

NS1,

143

1,05

897

598

992

688

788

885

884

783

31,

136

1,20

71,

335

1,36

91,

413

SOE'

s1,

120

1,04

796

498

992

688

788

885

884

783

31,

136

1,20

71,

335

1,36

91,

413

Othe

r23

1110

00

00

00

00

00

00

CBRT

4,86

24,

289

2,94

42,

484

2,11

01,

978

1,55

21,

327

1,30

41,

167

964

821

809

806

704

PRIV

ATE

SECT

OR26

6,95

727

9,33

927

6,41

328

1,77

427

6,71

728

6,65

028

9,34

628

1,94

029

0,52

929

7,58

129

2,81

128

4,46

728

8,80

830

2,90

930

7,85

5

FINA

NCIA

L IN

STIT

UTIO

NS14

8,63

615

9,05

115

8,67

916

3,50

816

4,81

616

9,64

416

9,75

015

6,78

115

9,92

916

1,07

515

5,36

514

8,47

715

0,64

015

7,13

915

7,02

8

Bank

s12

8,20

113

6,83

713

8,00

014

2,74

614

4,53

114

8,56

514

8,65

813

5,85

013

7,92

513

9,00

413

3,69

012

8,23

013

1,61

213

7,12

813

7,15

1

Non-

Bank

ing

Inst

itutio

ns20

,435

22,2

1520

,679

20,7

6120

,285

21,0

7921

,092

20,9

3122

,004

22,0

7121

,675

20,2

4719

,028

20,0

1119

,877

NON-

FINA

NCIA

L IN

STIT

UTIO

NS11

8,32

112

0,28

811

7,73

411

8,26

611

1,90

011

7,00

611

9,59

612

5,15

813

0,60

113

6,50

713

7,44

613

5,99

013

8,16

814

5,77

015

0,82

6

DEB

T ST

OC

K o

f B

ON

DS

ISSU

ED i

n IN

TER

NA

TIO

NA

L M

AR

KET

S

Mill

ion

USD

2014

2015

2016

2017

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

SHOR

T TE

RM1,

880

2,96

53,

637

4,14

13,

969

3,88

32,

839

1,86

177

31,

083

537

171

185

129

147

PUBL

IC S

ECTO

R0

016

933

839

835

024

426

211

173

5925

011

12

PRIV

ATE

SECT

OR1,

880

2,96

53,

468

3,80

33,

571

3,53

32,

595

1,59

966

21,

010

478

146

185

118

135

LONG

TER

M80

,355

88,2

8789

,945

92,5

5592

,381

94,4

1493

,688

93,9

3396

,579

101,

473

99,2

1410

1,10

710

4,46

211

3,55

311

4,08

2

PUBL

IC S

ECTO

R59

,338

61,8

9962

,407

62,7

4760

,972

62,5

8662

,748

62,4

7964

,170

67,8

2465

,964

66,4

8568

,445

73,5

1473

,516

PRIV

ATE

SECT

OR21

,017

26,3

8727

,537

29,8

0931

,408

31,8

2830

,941

31,4

5432

,409

33,6

4933

,250

34,6

2136

,017

40,0

3940

,566

TOTA

L82

,235

91,2

5293

,582

96,6

9696

,350

98,2

9796

,527

95,7

9497

,352

102,

556

99,7

5110

1,27

810

4,64

711

3,68

211

4,22

9

PUBL

IC S

ECTO

R59

,338

61,8

9962

,576

63,0

8561

,370

62,9

3662

,992

62,7

4164

,281

67,8

9766

,023

66,5

1068

,445

73,5

2573

,528

PRIV

ATE

SECT

OR22

,897

29,3

5231

,005

33,6

1234

,979

35,3

6133

,536

33,0

5333

,071

34,6

5933

,728

34,7

6736

,202

40,1

5740

,701


GROSS EXTERNAL DEBT of TURKEY - CURRENCY COMPOSITION

TOTAL

Million US Dollar

2014 2015 2016 2017

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

TOTAL 389,038 403,190 398,421 401,945 392,303 404,422 406,019 396,412 410,355 419,991 415,263 405,135 412,700 433,109 437,996

USD 212,818 221,552 224,610 231,575 234,011 237,385 234,220 231,636 233,759 240,088 237,278 240,744 245,455 255,654 257,007

EUR 137,403 138,659 131,255 127,539 118,201 126,248 129,749 126,623 132,474 133,958 133,499 126,670 128,112 136,396 140,216

JPY 7,613 8,143 8,451 7,767 7,874 8,037 8,529 8,517 9,039 10,068 10,087 8,674 8,988 8,799 8,792

SDR 1,506 1,506 1,451 1,415 1,353 1,372 1,374 1,358 1,379 1,368 1,372 1,322 1,342 1,372 1,396

TL 24,498 28,201 27,571 28,484 25,850 26,036 26,571 23,616 28,750 29,609 28,672 23,722 24,676 26,495 25,982

OTHER 5,200 5,130 5,082 5,165 5,015 5,346 5,575 4,662 4,955 4,900 4,356 4,004 4,127 4,393 4,603

LONG TERM

Million US Dollar

2014 2015 2016 2017


TOTAL 263,477 271,798 267,115 270,380 264,243 278,884 287,781 294,535 304,372 313,183 312,697 307,086 310,411 324,156 327,530

USD 149,352 155,879 156,926 161,909 164,015 170,209 173,553 176,235 180,787 186,871 185,462 190,084 192,868 199,582 199,464

EUR 92,604 93,807 88,321 86,915 79,652 87,932 93,593 96,001 100,032 101,408 103,566 96,685 96,949 103,509 106,724

JPY 7,374 7,836 8,241 7,569 7,684 7,858 8,313 8,351 8,878 9,861 9,853 8,456 8,766 8,610 8,564

SDR 1,506 1,506 1,451 1,415 1,353 1,372 1,374 1,358 1,379 1,368 1,372 1,322 1,342 1,372 1,396

TL 10,666 10,800 10,382 10,732 9,673 9,337 8,749 10,464 11,061 11,481 10,695 8,971 8,929 9,486 9,773

OTHER 1,975 1,971 1,793 1,840 1,867 2,178 2,198 2,126 2,236 2,194 1,750 1,569 1,557 1,597 1,609

SHORT TERM

Million US Dollar

2014 2015 2016 2017


TOTAL 125,561 131,392 131,306 131,565 128,060 125,538 118,238 101,877 105,983 106,808 102,566 98,049 102,289 108,953 110,466

USD 63,466 65,673 67,684 69,666 69,996 67,176 60,667 55,401 52,972 53,217 51,816 50,660 52,587 56,072 57,543

EUR 44,799 44,852 42,934 40,624 38,549 38,316 36,156 30,622 32,442 32,550 29,933 29,985 31,163 32,887 33,492

JPY 239 307 210 198 190 179 216 166 161 207 234 218 222 189 228

SDR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

TL 13,832 17,401 17,189 17,752 16,177 16,699 17,822 13,152 17,689 18,128 17,977 14,751 15,747 17,009 16,209

OTHER 3,225 3,159 3,289 3,325 3,148 3,168 3,377 2,536 2,719 2,706 2,606 2,435 2,570 2,796 2,994


TREASURY GUARANTEED EXTERNAL DEBT STOCK (1)

(1) Provisional.

BORROWER (Million US Dollar) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1

2017 Q2

2017 Q3

PUBLIC 2,780 3,435 4,393 5,205 6,373 7,300 7,740 8,317 9,201 9,392 10,061 10,386

GENERAL GOVERNMENT 1,217 1,279 1,327 1,223 1,164 1,114 939 1,089 987 989 994 1,005

CENTRAL GOVERNMENT 0 0 0 0 0 0 0 300 300 300 300 300

DIRECTORATE GENERAL OF FOUNDATIONS 0 0 0 0 0 0 0 300 300 300 300 300

LOCAL ADMINISTRATIONS 1,079 1,189 1,280 1,206 1,161 1,114 938 789 687 689 694 705

MUNICIPALITY OF ADANA GREATER CITY 210 212 177 151 125 99 74 48 22 22 19 19

MUNICIPALITY OF ANKARA GREATER CITY 0 0 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF ANTALYA GREATER CITY 84 85 79 77 78 82 71 60 55 55 57 59

ASAT - ANTALYA WATER AND SEWERAGE ADMINISTRATION 40 31 23 14 8 5 2 0 0 0 0 0

ASKI - ADANA WATER AND SEWERAGE ADMINISTRATION 38 33 26 20 16 11 5 0 0 0 0 0

ASKI - ANKARA WATER AND SEWERAGE ADMINISTRATION 15 10 5 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF BANDIRMA 6 4 2 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF BURSA GREATER CITY 68 65 110 105 131 136 118 103 95 97 100 104

BUSKI - BURSA WATER AND SEWERAGE ADMINISTRATION 107 92 73 63 56 52 45 53 67 69 69 72

CESME AND ALACATI MUNICIPALITES UNION 4 4 3 2 2 1 0 0 0 0 0 0

MUNICIPALITY OF DIDIM 0 0 0 0 0 0 0 0 0 0 0 0

EGO - ELECTRICITY, GAS AND OMNIBUS AUTH. OF (ANKARA) 0 0 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF ESKISEHIR GREATER CITY 170 164 150 147 138 129 113 99 88 89 86 88

MUNICIPALITY OF FOCA 3 3 2 1 0 0 0 0 0 0 0 0

GASKI - GAZIANTEP WATER AND SEWERAGE ADMINISTRATION 3 3 2 1 1 0 0 0 0 0 0 0

MUNICIPALITY OF ISKENDERUN 0 0 0 0 0 0 0 0 0 0 0 0

ISKI - ISTANBUL WATER AND SEWERAGE ADMINISTRATION 0 0 0 0 0 0 0 0 0 0 0 0

METROPOLITAN MUNICIPALITY OF ISTANBUL 78 153 181 167 154 138 116 96 65 60 55 50

MUNICIPALITY OF IZMIR GREATER CITY 55 52 129 140 142 146 125 108 98 97 103 104

MUNICIPALITY OF KAYSERI GREATER CITY 89 119 101 87 78 70 51 37 26 27 24 24

MUNICIPALITY OF KOCAELİ GREATER CITY 26 20 12 6 0 0 0 0 0 0 0 0

MARIC - MARMARIS MUNICPALITIES UNION 0 0 0 0 0 0 0 0 0 0 0 0

MERSIN WATER & SEWERAGE ADMINISTRATION 66 84 72 65 60 56 44 34 28 28 27 28

MUNICIPALITY OF MILAS 2 1 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF SAKARYA GREATER CITY 0 0 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF SAMSUN GREATER CITY 14 54 128 146 150 154 132 112 101 101 107 111

SAMSUN WATER & SEWERAGE ADMINISTRATION SASKİ 0 0 0 0 4 15 27 27 32 32 34 35

MUNICIPALITY OF ZONGULDAK 0 0 6 13 18 18 15 12 11 11 11 11

FUNDS 138 91 47 17 3 0 0 0 0 0 0 0

T. DEFENSE INDUSTRY SUPPORT FUND 138 91 47 17 3 0 0 0 0 0 0 0

FINANCIAL INSTITUTIONS 320 876 1,880 2,821 3,994 5,028 5,812 6,370 7,411 7,565 8,131 8,405

PUBLIC BANKS 320 876 1,880 2,821 3,994 5,028 5,812 6,370 7,411 7,565 8,131 8,405

GENERAL DIRECTORATE OF ILLER BANK 62 143 222 228 230 259 265 296 348 384 468 505

T. HALK BANK INC. 142 469 834 1,014 1,286 1,438 1,400 1,340 1,344 1,324 1,484 1,542

T. EXIMBANK INC. 51 124 126 210 494 576 714 821 1,211 1,211 1,300 1,382

T. DEVELOPMENT BANK INC. 0 50 257 512 891 1,086 1,186 1,235 1,477 1,486 1,571 1,585

TVB - T. FOUNDATION BANK 66 90 401 721 827 1,348 1,449 1,626 1,711 1,776 1,779 1,778

T.C. ZIRAAT BANK INC. 0 0 41 136 267 322 798 1,051 1,320 1,384 1,529 1,613

NON FINANCIAL INSTITUTIONS 1,242 1,280 1,187 1,162 1,214 1,158 989 858 803 838 936 975

SOEs 1,222 1,267 1,183 1,162 1,214 1,158 989 858 803 838 936 975

BOTAS - T. PETROLEUM PIPELINE CORP. 59 55 50 116 247 303 352 377 356 399 463 496

EUAS - ELECTRICITY PRODUCTION INC. 677 557 435 351 275 203 117 44 10 3 3 0

TCDD T. STATE RAILWAYS 3 2 1 0 0 0 0 0 0 0 0 0

TEDAŞ - T. ELECTRICITY DISTRIBUTION INC. 206 325 363 399 436 436 365 308 275 273 286 287

TEIAS - T. ELECTRICITY TRANSMISSION INC. 277 328 335 296 255 217 156 130 161 163 185 192

OTHER 21 13 4 0 0 0 0 0 0 0 0 0

IZGAZ - IZMIT GAS DISTRUBUTION COMPANY 0 0 0 0 0 0 0 0 0 0 0 0

ISTANBUL OLIMPIC GAMES PREPERATION & ORGANIZING BOARD 21 13 4 0 0 0 0 0 0 0 0 0

PRIVATE 2,932 3,183 3,113 3,160 3,379 3,507 3,416 3,182 3,094 3,016 3,166 3,122

FINANCIAL INSTITUTIONS 2,637 2,996 3,017 3,121 3,367 3,506 3,416 3,181 3,094 3,016 3,165 3,122

BANKS 2,637 2,996 3,017 3,121 3,367 3,506 3,416 3,181 3,094 3,016 3,165 3,122

TSKB- T. INDUSTRIAL DEVELOPMENT BANK INC. 2,637 2,996 3,017 3,121 3,367 3,506 3,416 3,181 3,094 3,016 3,165 3,122

NON FINANCIAL INSTITUTIONS 296 187 96 38 12 1 0 0 0 0 0 0

EREGLI IRON & STEEL WORKS INC. 0 0 0 0 0 0 0 0 0 0 0 0

THY - TURKISH AIRLINES 265 163 77 26 6 1 0 0 0 0 0 0

TUPRAS - TURKISH PETROLEUM RAFINERIES 31 24 18 12 6 0 0 0 0 0 0 0

TOTAL 5,712 6,618 7,506 8,365 9,751 10,807 11,157 11,498 12,295 12,408 13,227 13,508

Total Stock/GDP (%) 0.7 1.0 1.0 1.0 1.1 1.1 1.2 1.3 1.4

BORROWER (Million US Dollar) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(2)

GRAND TOTAL 332 276 210 140 124 118 123 33 28 27 11

GUARANTEED EXTERNAL DEBT 201 137 171 62 47 41 32 32 28 27 11

PUBLIC 201 137 171 62 47 41 32 32 28 27 11

GENERAL GOVERNMENT 85 54 50 57 47 41 32 32 28 27 11

LOCAL ADMINISTRATIONS 85 54 50 57 47 41 32 32 28 27 11

MUNICIPALITY OF ADANA GREATER CITY 27 27 28 38 29 28 28 27 27 26 6

MUNICIPALITY OF ADAPAZARI GREATER CITY 10 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF ANKARA GREATER CITY 7 0 0 0 0 0 0 0 0 0 0

ASAT - ANTALYA WATER AND SEWERAGE ADMINISTRATION 11 9 9 9 9 6 3 3 0 0 0

MUNICIPALITY OF BANDIRMA 1 2 2 2 2 0 0 0 0 0 0

MUNICIPALITY OF DIDIM 2 1 0 0 0 0 0 0 0 0 0

EGO ELECTRICITY, GAS & OMNIBUS AUTH. OF ANKARA 16 5 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF FOÇA 0 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF İSKENDERUN 1 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF IZMIR GREATER CITY 0 0 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF KAYSERİ GREATER CITY 0 0 5 0 0 0 0 0 0 0 4

MUNICIPALITY OF KOCAELİ GREATER CITY 7 7 4 7 7 6 0 0 0 0 0

MARIC MARMARIS - ICMELER-ARMUTALAN MUNICIPALITIES 2 1 0 0 0 0 0 0 0 0 0

MUNICIPALITY OF MILAS 3 1 2 0 0 0 0 0 0 0 0

MUNICIPALITY OF ZONGULDAK 0 0 0 0 0 0 1 1 1 1 1

NON - FINANCIAL INSTITUTIONS 116 83 121 6 1 0 0 0 0 0 0

SOEs 111 83 112 1 1 0 0 0 0 0 0

EUAS - ELECTRICITY PRODUCTION INC. 102 78 87 0 0 0 0 0 0 0 0

TCDD - T. STATE RAILWAYS 9 5 1 1 1 0 0 0 0 0 0

TEIAS - T.ELECTRICITY TRANSMISSION INC. 0 0 25 0 0 0 0 0 0 0 0

OTHER 4 0 9 4 0 0 0 0 0 0 0

IZGAZ - IZMIT GAS DISTRIBUTION COMP. 4 0 0 0 0 0 0 0 0 0 0

ISTANBUL OLIMPIC GAMES PREPARATION & ORGANIZING BOARD 0 0 9 4 0 0 0 0 0 0 0

BOT PRODUCT SALE GUARANTEES 131 139 39 78 77 77 91 2 0 0 0

PUBLIC 131 139 39 78 77 77 91 2 0 0 0

GENERAL GOVERNMENT 131 139 39 78 77 77 91 2 0 0 0

LOCAL ADMINISTRATIONS 131 139 39 78 77 77 91 2 0 0 0

MUNICIPALITY OF KOCAELI GREATER CITY 131 139 39 78 77 77 91 2 0 0 0

Payments Undertaken by Treasury /GDP (%) 0.05 0.04 0.03 0.02 0.02 0.01 0.01 0.00 0.00 0.00

PAYMENTS UNDERTAKEN DUE TO TREASURY GUARANTEES (1)

(1) Provisional.(2) As of December 31, 2017.



BORROWER (Million ¨)OVERDUE

RECEIVABLES

OUTSTANDING RECEIVABLESTOTAL

PRINCIPAL OTHER TOTAL

GRAND TOTAL 3,876 11,179 2,445 13,625 17,500

PUBLIC SECTOR 3,876 10,918 2,445 13,363 17,239

GENERAL GOVERNMENT 3,051 7,699 2,445 10,144 13,195

SOCIAL SECURITY INSTITUTIONS 0 9 0 9 9

SOCIAL SECURITY INSTITUTION 0 9 0 9 9

CENTRAL GOVERNMENT 0 1,581 0 1,581 1,581

COMMITTEE OF BANKRUPTCY OF IMAR BANKASI T.A.Ş. 0 998 0 998 998

PRIVATIZATION ADMINISTRATION 0 573 0 573 573

TURKISH ATOMIC ENERGY AUTHORITY 0 10 0 10 10

LOCAL GOVERNMENTS 3,051 6,109 2,445 8,555 11,605

MUNICIPALITY OF ADANA GREATER CITY 24 1,002 96 1,098 1,122

MUNICIPALITY OF ANKARA GREATER CITY 0 555 7 562 562

MUNICIPALITY OF ANTALYA GREATER CITY 0 172 0 172 172

GENERAL DIRECTORATE OF ANTALYA WATER AND SEWERAGE 0 12 0 12 12

ADANA WATER AND SEWERAGE ADMINISTRATION 0 102 0 102 102

ANKARA WATER AND SEWERAGE ADMINISTRATION 0 199 54 253 253

AYDIN WATER AND SEWERAGE ADMINISTRATION 0 130 53 183 183

MUNICIPALITY OF BATMAN 0 82 0 82 82

MUNICIPALITY OF BURSA GREATER CITY 0 286 0 286 286

BUSKİ - BURSA WATER AND SEWERAGE ADMINISTRATION 0 113 0 113 113

MUNICIPALITY OF DENIZLI GREATER CITY 0 22 0 22 22

DİYARBAKIR WATER AND SEWERAGE ADMINISTRATION 0 104 0 104 104

ELECTRICITY, GAS AND OMNIBUS AUTH. OF ANKARA 1 113 227 340 341

ERZURUM WATER AND SEWERAGE ADMINISTRATION 0 9 0 9 9

ESKİŞEHİR WATER AND SEWERAGE ADMINISTRATION 0 14 0 14 14

GAZİANTEP WATER AND SEWERAGE ADMINISTRATION 0 267 202 470 470

MUNICIPALITY OF GAZIANTEP GREATER CITY 0 15 0 15 15

HATAY WATER AND SEWERAGE ADMINISTRATION 0 7 0 7 7

İSTANBUL WATER & SEWERAGE ADMINISTARATION 0 21 0 21 21

MUNICIPALITY OF İZMİR GREATER CITY 0 12 0 12 12

İZSU - İZMİR WATER AND SEWERAGE ADMINISTRATION 0 21 0 21 21

KAYSERİ METROPOLITAN MUNICIPALITY 0 15 0 15 15

KAYSERİ WATER AND SEWERAGE ADMINISTRATION 0 78 0 78 78

MUNICIPALITY OF KOCAELI GREATER CITY 3,026 1,693 1,363 3,057 6,082

KONYA WATER AND SEWERAGE ADMINISTRATION 0 20 0 20 20

MASKİ – MALATYA WATER AND SEWERAGE ADMINISTRATION 0 71 0 71 71

MUNICIPALITY OF MERSİN GREATER CITY 0 1 0 1 1

MESKİ - MERSİN WATER AND SEWERAGE ADMINISTRATION 0 63 0 63 63

MUGLA WATER AND SEWERAGE ADMINISTRATION 0 404 265 670 670

MUNICIPALITY OF SAKARYA GREATER CITY 0 268 137 405 405

MUNICIPALITY OF SAMSUN GREATER CITY 0 30 0 30 30

SASKİ - SAMSUN WATER AND SEWERAGE ADMINISTRATION 0 47 0 47 47

MUNICIPALITY OF SİİRT 0 21 0 21 21

MUNICIPALITY OF SİVAS 0 68 0 68 68

MUNICIPALITY OF YOZGAT 0 28 39 67 67

MUNICIPALITY OF ZONGULDAK 0 44 0 44 44

OUTSTANDING TREASURY RECEIVABLES (1) (2)

(1) Provisional (Includes only Treasury Receivables arised from Law no: 4749). (2) As of December 31, 2017.

CONTINUE


OUTSTANDING TREASURY RECEIVABLES (1) (2)

(1) Provisional (Includes only Treasury Receivables arised from Law no: 4749). (2) As of December 31, 2017.

BORROWER (Million ¨)OVERDUE

RECEIVABLES

OUTSTANDING RECEIVABLESTOTAL

PRINCIPAL OTHER TOTAL

NON-FINANCIAL INSTITUTIONS 825 1,957 0 1,957 2,782

SOEs 825 1,919 0 1,919 2,744

PETROLEUM PIPELINE CORP. 0 4 0 4 4

ELECTRICITY GENERATION CO. INC. 0 159 0 159 159

TURKISH STATE RAILWAYS 825 1,074 0 1,074 1,900

TURKISH ELECTRICITY TRANSMISSION INC. 0 681 0 681 681

PUBLIC CORPORATIONS 0 38 0 38 38

İSTANBUL GAS DISTRIBUTION COMPANY 0 38 0 38 38

FINANCIAL INSTITUTIONS 0 1,262 0 1,262 1,262

PUBLIC BANKS 0 1,262 0 1,262 1,262

T. HALK BANK 0 232 0 232 232

T.EXIMBANK 0 32 0 32 32

DEVELOPMENT BANK OF TURKEY 0 981 0 981 981

T. VAKIFLAR BANK T.A.O. 0 17 0 17 17

T. ZIRAAT BANK 0 0 0 0 0

PRIVATE SECTOR 0 261 0 261 261

FINANCIAL INSTITUTIONS 0 261 0 261 261

BANKS 0 261 0 261 261

TURKISH INDUSTRIAL DEVELOPMENT BANK 0 261 0 261 261


OUTSTANDING OVERDUE RECEIVABLES (1)

BORROWER (Million ¨) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Dec2017

GRAND TOTAL 53,315 8,143 9,048 8,289 8,606 7,864 5,012 360 3,935 3,830 3,876PUBLIC SECTOR 53,315 8,143 9,048 8,289 8,606 7,864 5,012 360 3,935 3,830 3,876

GENERAL GOVERNMENT 52,210 6,683 7,320 7,857 7,976 7,560 4,919 115 3,511 3,186 3,051CENTRAL GOVERNMENT 20 44 57 67 73 80 86 93 100 0 0

İSTANBUL UNIVERSITY (PRESIDENCY) 20 0 0 0 0 0 0 0 0 0 0TURKISH STANDARDS INSTITUTION 0 44 57 67 73 80 86 93 100 0 0

LOCAL GOVERNMENTS 5,978 6,638 7,263 7,790 7,903 7,480 4,832 22 3,411 3,186 3,051MUNICIPALITY OF ADANA GREATER CITY 0 2 19 52 40 116 167 20 352 9 24MUNICIPALITY OF ALANYA 0 0 0 0 0 0 0 0 0 0 0MUNICIPALITY OF ANKARA GREATER CITY 2,417 2,403 2,389 2,403 2,416 2,230 113 0 0 0 0ANKARA WATER AND SEWERAGE ADMINISTRATION 239 259 280 295 310 0 0 0 0 0 0MUNICIPALITY OF BAFRA 0 0 0 0 0 0 0 0 0 0 0MUNICIPALITY OF BANDIRMA 16 26 44 58 71 81 89 0 0 0 0MUNICIPALITY OF BATMAN 0 0 1 0 1 0 0 0 0 0 0MUNICIPALITY OF DALAMAN 14 16 18 20 0 0 1 0 0 0 0MUNICIPALITY OF DIDIM 87 106 123 135 12 153 162 0 0 0 0ELECTRICITY, GAS AND OMNIBUS AUTH. OF ANKARA 1,253 1,408 1,563 1,680 1,768 1,176 259 0 15 1 1MUNICIPALITY OF FOÇA 0 0 0 0 0 0 0 0 0 0 0GAZIANTEP WATER AND SEWERAGE ADMINISTRATION 17 0 0 0 0 0 0 0 0 0 0MUNICIPALITY OF GAZIANTEP GREATER CITY 32 30 12 0 0 0 0 0 0 0 0MUNICIPALITY OF ISKENDERUN 26 32 37 38 3 36 32 0 0 0 0MUNICIPALITY OF IZMIR GREATER CITY 0 0 0 0 0 0 0 0 0 0 0IZMIR WATER AND SEWERAGE AUTHORITY 3 0 0 0 0 0 0 0 0 0 0MUNICIPALITY OF KOCAELI GREATER CITY 825 1,167 1,463 1,694 1,942 2,188 2,481 0 2,915 3,047 3,026UNION OF MARMARIS-ICMELER-ARMUTALAN MUNICIPALITIES 959 1,065 1,167 1,243 1,301 1,356 1,411 0 0 0 0MUNICIPALITY OF MILAS 12 16 21 25 1 2 5 0 0 0 0MUNICIPALITY OF SAKARYA GREATER CITY 62 80 92 103 9 112 111 1 127 128 0MUNICIPALITY OF SIIRT 0 0 0 1 0 0 0 0 0 0 0MUNICIPALITY OF SANLIURFA 10 16 22 27 29 30 0 0 0 0 0MUNICIPALITY OF YOZGAT 1 1 1 0 0 0 0 0 0 0 0

FUNDS 46,215 0 0 0 0 0 0 0 0 0 0PUBLIC PARTICIPATION FUND (2) 0 0 0 0 0 0 0 0 0 0 0SDIF-SAVING DEPOSIT INSURANCE FUND 46,215 0 0 0 0 0 0 0 0 0 0

NON-FINANCIAL INSTITUTIONS 1,104 1,460 1,728 433 630 304 93 245 425 644 825SOEs 1,061 1,405 1,728 433 630 304 93 245 425 644 825

ELECTRICITY GENERATION CO. INC. 0 14 0 0 0 0 0 0 0 0 0TURKISH STATE RAILWAYS 1,032 1,392 1,728 433 630 304 93 245 425 644 825TURKISH IRON AND STEEL WORKS 29 0 0 0 0 0 0 0 0 0 0

PUBLIC CORPORATIONS 43 55 0 0 0 0 0 0 0 0 0İZMİT GAS DISTRIBUTION COMPANY 43 55 0 0 0 0 0 0 0 0 0

PRIVATE SECTOR 0 0 0 0 0 0 0 0 0 0 0NON-FINANCIAL INSTITUTIONS 0 0 0 0 0 0 0 0 0 0 0

FOUNDATIONS 0 0 0 0 0 0 0 0 0 0 0Grand Total / GDP (%) 6.3 0.9 0.9 0.8 0.7 0.6 0.3 0.0 0.20 0.0

(1) Provisional (Includes only Treasury Receivables arised from Law no:4749).(2) The receivables regarding Public Participation Fund have been waived on the basis of article no:29 of Budget Law for 2007.


COLLECTIONS FROM RECEIVABLES (1)

CONTINUE

BORROWER (Million ¨) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

GRAND TOTAL 4,302.3 1,793.8 2,641.1 3,809.1 2,606.4 2,446.2 2,492.6 1,222.1 1,667.1 2,255.9PUBLIC SECTOR 4,190.8 1,672.0 2,517.0 3,701.2 2,547.4 2,282.2 2,374.3 1,093.5 1,577.2 2,153.4GENERAL GOVERNMENT 2,333.7 677.4 506.2 629.4 855.1 1,428.1 908.5 273.7 889.0 1,629.6

SOCIAL SECURITY INSTITUTIONS 0.7 1.4 0.7 0.5 1.5 0.9 1.1 1.2 1.4 1.8SOCIAL SECURITY INSTITUTION 0.7 1.4 0.7 0.5 1.5 0.9 1.1 1.2 1.4 1.8SSO-SOCIAL SECURITY ORGANIZATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

CENTRAL GOVERNMENT 21.6 45.5 52.6 71.6 74.9 71.0 80.5 88.3 101.4 119.4ENERGY MARKET REGULATORY AUTHORITY 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0GENERAL DIRECTORATE OF MINERAL RESEARCH AND EXPLORATION 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0COMMITTEE OF BANKRUPTCY OF IMAR BANKASI T.A.Ş. 0.0 0.0 0.0 0.0 4.5 0.0 0.0 0.8 1.0 1.5PRIVATIZATION ADMINISTRATION 16.7 42.2 49.5 64.6 63.1 63.4 72.1 78.2 89.7 111.7SULEYMAN DEMIREL UNIVERSITY 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TURKISH STANDARDS INSTITUTION 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TUBITAK - MARMARA RESEARCH CENTER 0.8 1.1 1.0 1.1 1.2 1.3 1.5 1.7 2.0 0.0TUBITAK - NATIONAL METROLOGY INSTITUTE 1.1 1.5 1.4 1.5 1.7 1.7 2.0 2.3 2.8 0.0TURKISH PATENT INSTITUTE 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.8 0.9 0.0TURKISH ATOMIC ENERGY AUTHORITY 0.3 0.2 0.2 3.9 3.7 4.0 4.3 4.6 5.1 6.2

LOCAL GOVERNMENTS 610.4 630.5 452.8 557.4 778.8 1,356.1 826.9 184.2 786.2 1,508.5MUNICIPALITY OF ADANA GREATER CITY 40.8 38.2 30.1 41.7 56.0 56.4 55.0 2.3 83.2 126.5MUNICIPALITY OF ALANYA 1.4 2.9 2.0 1.6 4.5 5.0 1.9 0.0 0.0 0.0MUNICIPALITY OF ANKARA GREATER CITY 182.6 168.4 95.5 71.1 256.1 297.1 135.5 6.8 137.3 561.7MUNICIPALITY OF ANTALYA GREATER CITY 5.1 5.3 5.7 4.6 4.2 2.2 2.4 2.6 2.8 17.8GENERAL DIRECTORATE OF ANTALYA WATER AND SEWERAGE 18.3 14.9 14.1 15.5 16.3 8.7 19.3 6.4 1.2 1.5ADANA WATER AND SEWERAGE ADMINISTRATION 1.7 6.2 5.6 6.7 6.3 7.4 7.6 8.1 8.9 10.7ANKARA WATER AND SEWERAGE ADMINISTRATION 21.4 22.2 20.1 20.2 29.3 52.2 45.5 28.6 31.4 59.0AYDIN WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.0 0.0 0.0 0.0 12.1 0.0 9.5 36.8MUNICIPALITY OF BAFRA 0.0 0.0 0.0 0.0 0.3 0.5 0.2 0.0 0.0 0.0BALIKESIR WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.0 0.0 0.0 0.0 13.8 2.2 29.9 32.9MUNICIPALITY OF BANDIRMA 2.2 2.7 3.1 3.6 5.2 6.2 2.7 0.0 0.0 0.0MUNICIPALITY OF BATMAN 0.3 0.8 1.2 2.5 2.5 3.2 5.6 5.7 6.3 7.6MUNICIPALITY OF BURSA GREATER CITY 46.4 34.2 30.9 36.5 28.4 25.0 27.3 28.9 31.3 38.7BURSA WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.7 0.2 0.2 0.2 0.3 3.5 7.3 9.8MUNICIPALITY OF DALAMAN 0.4 0.5 0.5 1.8 2.5 1.5 0.7 0.0 0.0 0.0MUNICIPALITY OF DENIZLI 0.3 0.8 1.1 1.4 1.3 1.5 1.6 1.6 1.8 2.2MUNICIPALITY OF DIDIM 0.1 0.1 0.3 0.1 0.6 0.8 0.4 0.0 0.0 0.0DIYARBAKIR WATER AND SEWERAGE ADMINISTRATION 5.3 6.2 5.6 8.0 8.7 9.9 10.6 11.3 12.8 15.6ELECTRICITY, GAS AND OMNIBUS AUTH. OF ANKARA 0.0 0.0 0.0 0.0 0.0 630.1 125.3 9.8 156.8 0.9ERZURUM WATER AND SEWERAGE ADMINISTRATION 5.0 3.0 2.7 1.5 1.6 1.6 1.8 2.3 2.4 2.9ELECTRICITY, GAS AND OMNIBUS AUTH. OF IZMIR 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0ESKISEHIR WATER AND SEWERAGE ADMINISTRATION 1.6 1.9 1.3 0.9 0.9 1.0 1.1 1.2 1.3 1.6MUNICIPALITY OF FETHIYE 0.5 0.6 0.5 2.2 2.1 2.4 0.0 0.0 0.0 0.0MUNICIPALITY OF FOCA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0GAZIANTEP WATER AND SEWERAGE ADMINISTRATION 17.2 0.0 0.0 0.0 0.0 0.0 32.7 0.0 0.4 26.5MUNICIPALITY OF GAZIANTEP GREATER CITY 22.8 31.7 17.4 1.5 23.1 39.7 1.3 1.3 1.5 1.8HATAY WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.0 0.0 0.0 0.0 16.2 0.0 0.3 90.6MUNICIPALITY OF ISKENDERUN 0.6 0.8 2.0 2.2 5.8 6.0 3.2 0.0 0.0 0.0ISTANBUL WATER AND SEWERAGE ADMINISTRATION 8.6 8.8 7.7 9.3 8.7 9.9 10.4 10.9 12.1 12.1MUNICIPALITY OF IZMIR GREATER CITY 149.8 151.4 95.7 217.8 167.7 1.1 1.1 1.2 1.4 1.1IZMIR WATER AND SEWERAGE AUTHORITY 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.5 0.8 1.0MUNICIPALITY OF KAYSERI GREATER CITY 0.0 2.0 0.3 1.5 1.6 1.4 1.6 0.0 0.0 0.0KAYSERİ WATER AND SEWERAGE ADMINISTRATION 7.4 7.7 6.9 8.1 6.4 6.2 6.3 6.7 7.4 9.0MUNICIPALITY OF KOCAELI GREATER CITY 50.1 82.9 71.7 57.3 87.7 95.4 164.0 0.1 105.5 276.4MUNICIPALITY OF KONYA GREATER CITY 1.2 1.2 1.1 1.3 1.2 1.4 1.5 1.5 1.5 0.0KONYA WATER AND SEWERAGE ADMINISTRATION 2.0 8.7 1.3 1.4 1.5 1.5 1.7 2.0 2.8 3.3MUNICIPALITY OF MALATYA 1.0 1.0 0.9 2.5 3.7 4.4 4.5 4.7 5.2 6.4UNION OF MARMARIS-ICMELER-ARMUTALAN MUNICIPALITIES 0.4 1.0 1.1 0.6 2.3 2.8 1.1 0.0 0.0 0.0MUNICIPALITY OF MENEMEN 0.1 0.1 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0MUNICIPALITY OF MERSIN GREATER CITY 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.2MERSIN WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.0 0.0 0.0 0.0 12.1 12.5 13.2 16.0MUNICIPALITY OF MILAS 0.7 0.5 0.4 1.7 2.4 1.8 0.6 0.0 0.0 0.0MUGLA WATER AND SEWERAGE ADMINISTRATION 0.0 0.0 0.0 0.0 0.0 0.0 41.6 8.7 36.8 63.7MUNICIPALITY OF SAKARYA GREATER CITY 5.9 10.2 9.8 9.9 16.4 18.4 17.3 0.0 16.2 21.0MUNICIPALITY OF SAMSUN GREATER CITY 0.3 0.3 0.2 0.6 1.0 1.8 1.4 1.9 2.1 2.6SAMSUN WATER AND SEWERAGE ADMINISTRATION 0.1 0.1 0.1 0.1 0.3 0.3 25.1 1.7 44.6 37.9MUNICIPALITY OF SIIRT 0.1 1.0 0.7 2.1 1.5 1.4 2.1 1.9 2.1 2.5MUNICIPALITY OF SIVAS 0.8 1.6 1.7 2.5 2.5 4.4 4.8 5.0 5.4 6.6MUNICIPALITY OF SANLIURFA 0.9 1.2 3.1 6.3 7.9 34.4 0.0 0.0 0.0 0.0MUNICIPALITY OF TARSUS 7.0 9.0 8.8 10.2 10.0 10.7 4.7 0.0 0.0 0.0MUNICIPALITY OF YOZGAT 0.1 0.2 0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0MUNICIPALITY OF ZONGULDAK 0.0 0.1 0.1 0.0 0.0 0.1 0.8 2.1 2.7 3.5

(1) Provisional (Collections from Treasury Receivables arised from Law no:4749)


COLLECTIONS FROM RECEIVABLES (1)

BORROWER (Million ¨) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Dec

FUNDS 1,701.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0SDIF-SAVING DEPOSIT INSURANCE FUND 1,701.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

NON-FINANCIAL INSTITUTIONS 1,754.2 890.3 1,883.8 2,910.3 1,562.9 655.2 1,288.7 676.8 586.0 401.1ORGANIZATIONS 14.6 20.2 15.9 9.9 6.8 6.7 4.9 0.6 0.0 0.0

ISTANBUL OLYMPIC GAMES PREPARATION AND ORGANIZING BOARD 14.4 20.0 15.7 9.7 6.5 6.5 4.8 0.6 0.0 0.0THE UNION OF CHAMBERS AND COMMODITY EXCHANGES OF TUR. 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0 0.0 0.0

SOEs 1,733.6 645.4 1,683.6 2,636.3 1,296.6 421.9 1,049.9 457.4 322.3 161.2PETROLEUM PIPELINE CORP. 9.2 10.8 9.6 10.8 10.5 11.0 12.6 0.3 0.4 0.4SAE-STATE AIRPORT ENTERPRISE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0EBK - MEAT AND FISH PRODUCTS CORP. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0ELECTRICITY GENERATION CO. INC. 394.2 470.0 1,292.5 279.8 326.5 206.7 208.9 213.4 231.0 60.8SÜMER HOLDING INC. 6.9 27.7 1.6 1.9 1.0 0.1 0.0 0.0 0.0 0.0TURKISH STATE RAILWAYS 1.219(2) 0.0 0.0 0.0 0.0 132.6 0.0 0.0 0.0 0.0TURKISH IRON AND STEEL WORKS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TURKISH MARITIME ORGANIZATION INC. 0.3 0.3 0.3 0.3 0.3 0.0 0.0 0.0 0.0 0.0TURKISH ELECTRICITY DISTRIBUTION INC. 0.7 0.8 0.7 0.4 0.0 0.0 0.0 0.0 0.0 0.0TURKISH ELECTRICITY TRANSMISSION INC. 23.1 44.0 44.1 25.5 25.8 28.2 31.1 59.8 90.6 100.0TURKISH ELECTRICITY TRADE AND COMMITMENT INC. 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0GENERAL DIRECTORATE OF AGRICULTURAL ENTERPRISE 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.0GENERAL DIRECTORATE OF TURKISH COAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TURKISH GRAIN BOARD 80.0 91.3 334.3 2,317.2 932.2 43.0 797.0 183.5 0.0 0.0TURKISH HARD COAL CORP. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TÜGSAŞ - T. FERTILIZER IND. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0T. SUGAR PRODUCTION INC 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

PUBLIC CORPORATIONS 6.0 224.7 184.2 264.1 259.5 226.6 233.9 218.9 263.8 239.9EMLAK REAL ESTATE INVESTMENT TRUST 0.0 155.3 178.6 257.4 253.2 219.2 226.3 210.9 254.9 229.1ISTANBUL GAS DISTRIBUTION COMPANY 6.0 6.2 5.7 6.7 6.4 7.4 7.6 8.0 8.8 10.8İZMİT GAS DISTRIBUTION COMPANY 0.0 63.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

FINANCIAL INSTITUTIONS 102.8 104.3 127.0 161.5 129.4 199.0 177.1 143.0 102.1 122.7INSURANCE CORPORATIONS 12.6 15.8 21.3 21.3 14.0 12.9 14.1 0.0 0.0 0.0

TURKISH CATASTROPHIC INSURANCE POOL 12.6 15.8 21.3 21.3 14.0 12.9 14.1 0.0 0.0 0.0 PUBLIC BANKS 90.2 88.5 105.7 140.2 115.4 186.0 163.0 143.0 102.1 122.7

GENERAL DIRECTORATE OF İLLER BANK 3.1 3.1 3.0 3.1 0.0 0.0 0.0 0.0 0.0 0.0T. HALK BANK 22.1 24.3 26.1 31.8 31.3 67.5 31.5 23.7 21.9 26.9T.EXIMBANK 32.1 33.1 25.7 29.4 31.8 32.7 37.6 47.7 50.8 62.3DEVELOPMENT BANK OF TURKEY 5.6 5.3 11.8 22.2 25.3 30.5 41.4 32.7 23.2 26.9T. VAKIFLAR BANK T.A.O. 24.0 22.6 39.1 53.7 27.1 55.4 52.5 38.8 6.2 6.6T.C. ZİRAAT BANK 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

PRIVATE SECTOR 111.4 121.8 124.1 107.8 59.0 164.0 118.3 128.6 90.0 102.6NON-FINANCIAL INSTITUTIONS 12.1 13.6 6.7 5.0 5.0 5.2 5.9 6.6 7.8 1.3

FOUNDATIONS 2.7 3.5 3.4 3.6 4.1 0.1 4.9 5.6 6.7 0.0BAŞKENT UNIVERSITY 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TURKISH TECHNOLOGY DEVELOPMENT FOUNDATION 2.7 3.5 3.4 3.6 4.1 0.1 4.9 5.6 6.7 0.0

COMPANIES 9.0 9.4 2.8 0.8 0.8 0.9 0.9 1.0 1.1 1.3EREĞLİ IRON & STEEL WORKS CO. 8.2 8.6 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0CARDIOLOGY FOUNDATION FLORENCE NIGHTINGALE HOSPITAL 0.8 0.8 0.7 0.8 0.8 0.9 0.9 1.0 1.1 1.3

ORGANIZATIONS 0.4 0.6 0.5 0.5 0.1 4.2 0.1 0.0 0.0 0.0BALIKESIR INDUSTRIAL ZONE 0.4 0.5 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0KÜTAHYA INDUSTRIAL ZONE 0.1 0.1 0.1 0.1 0.1 4.2 0.1 0.0 0.0 0.0

FINANCIAL INSTITUTIONS 99.3 108.2 117.4 102.9 54.0 158.8 112.4 122.0 82.2 101.2 BANKS 99.3 108.2 117.4 102.9 54.0 158.8 112.4 122.0 82.2 101.2

T. GARANTİ BANK 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOPRAKBANK A.Ş. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TURKISH INDUSTRIAL DEVELOPMENT BANK 99.3 108.2 117.4 102.9 54.0 158.8 112.4 122.0 82.2 101.2YAPI VE KREDİ BANK CORP. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Grand Total / GDP (%) 0.4 0.5 0.2 0.2 0.3 0.2 0.2 0.1 0.1

(1) Provisional (Collections from Treasury Receivables under the Law No.4749).(2) Transaction Due to the Provisional Article 16 of Law No. 4749


Thousand ¨

2016 2017 Q3

OutstandingOverdue Claims

Projected Claims Stock Total

OutstandingOverdue Claims

Projected Claims Stock Total

Credits from the Decree of the Council of Ministers (No.2001/2312) 0 11,291 11,291 0 10,489 10,489

Public Banks 251,763 1,158,719 1,410,482 291,780 67,490 359,270

Onlending Agreements 0 102 102 0 93 93

Funds 455,852 588,054 1,043,906 363,229 566,680 929,909

Other 294,867 1,858,043 2,152,910 296,348 1,856,762 2,153,110

Total 1,002,483 3,616,208 4,618,690 951,357 2,501,514 3,452,871

2016 2017 Q3

Thousand ¨ % Thousand ¨ %

Credits from the Decree of the Council of Ministers (No.2001/2312) 2,812 2.1 3,089 3.9

Public Banks 12,663 64.6 11,552 13.7

Onlending Agreements 17 0.0 9 0.0

Funds 28,399 28.9 71,354 78.9

Other 5,495 4.4 4,099 3.4

Total 49,386 100.0 90,104 100.0

OTHER TREASURY CLAIMS STOCK (1) (2)

COLLECTIONS FROM OTHER TREASURY CLAIMS (1)

(1) Provisional. Including the stock data of overdue and projected claims. (2) Other Treasury claims are those claims which are out of the scope or Article 3 of the Law No. 4749, where the Treasury is a party representing

the legal entity of the State.

(1) Provisional.

www.treasury.gov.tre-mail: [email protected]

(0312) 204 72 53(0312) 204 72 66(0312) 204 62 90

This report has been drawn up in accordance with

Article 14 of Law No. 4749 on the Regulation of Public

Financing and Debt Management. This issue of the

Report contains the data and information regarding the

period of December 2017. Information contained in this

report can be used provied that the source is cited.

151st issue of Public Debt Management Report will be published on 28th February, 2018 at 17:30.

No: 150 JANUARY 2018

Documents

Transcript of No: 150 JANUARY 2018