Finance ministry clarifies strategy on gold assets

ANKARA

The Treasury and Finance Ministry said that instead of fully renewing maturing gold-denominated debts, the debt roll-over ratio has been deliberately maintained at 76 percent.

In its announcement, the M=ministry noted that a recently published media report misinterpreted the decline in the Treasury’s gold assets due to a lack of technical knowledge. It emphasized that borrowing decisions are shaped with consideration for market conditions and investor demand, aiming to preserve sustainability and maintain a balanced cost-risk approach, it added.

Contrary to the claims, the Ministry said that the change in the Treasury’s gold balance was the result of a deliberate choice. “Within the framework of the 2026 borrowing strategy, roll-over ratios for gold-denominated debt have been consciously reduced. This decision aims to lower the share of gold-denominated debt within the overall debt stock, thereby achieving a more balanced debt composition and limiting exposure to market risks,” it explained.

Accordingly, in the first quarter of 2026, the strategy for domestic gold-denominated borrowing was revised. Instead of renewing all maturing gold debts, the roll-over ratio was intentionally set at 76 percent.

The statement also highlighted that the maturity structure of rolled-over gold liabilities has been diversified to prevent concentrated redemption risks in certain periods. This approach contributes to a more balanced and predictable debt service profile, it said.