Although it was known months ago that the USA and Israel would attack Iran, the Treasury made domestic borrowing mainly with gold bonds and gold-based lease certificates.

Although it was known months ago that the USA and Israel would attack Iran, the Treasury made domestic borrowing mainly with gold bonds and gold-based lease certificates.

The Ministry of Treasury and Finance realized 28.7 percent of its domestic borrowing in January with gold. The burden of gold in the domestic debt increased by 1.87 points even last year.

The remarkable increase in domestic borrowing was seen in debt made with gold, which is among the most risky investment instruments of recent times. 28.7 percent of the 497.8 billion lira domestic borrowing in January was realized by issuing gold bonds and gold lease certificates. This means that the Treasury borrowed approximately 143 billion liras of new gold. In January last year, this rate was 27 percent.

The amount of borrowing made with gold increased by 64 percent compared to the same month last year. On the other hand, the borrowing rate with fixed-coupon government domestic debt securities (GDDS), the most risk-free borrowing instrument, decreased by 1.3 points compared to last year, falling to 29.4 percent (146.4 billion TL).

In the January-December period of 2025, 64.6 percent of the total borrowing was with fixed interest rate and 80 percent was in TL. In the first month of this year, the Treasury was able to borrow 44.3 percent with fixed interest. 55.7 percent consisted of variable interest. Borrowing with gold also disrupted the TL/foreign exchange structure of the table. While TL-denominated borrowing decreased to 71.3 percent, the foreign currency-denominated borrowing rate increased to 28.7 percent, all of which was gold-based.

https://www.sozcu.com.tr/savas-beklenirken-altin-borclandik-p297681