Since 1961, Turkey has signed 19 IMF loan accords. Erdoğans government satisfied the budgetary and market requirements of the two during his administration and received every loan installment, the only time any Turkish government has done so. Erdoğan inherited a debt of $23.5 billion to the IMF, which was reduced to $0.9 billion in 2012. He decided not to sign a new deal. Turkeys debt to the IMF was thus declared to be completely paid and he announced that the IMF could borrow from Turkey. In 2010, five-year credit default swaps for Turkeys sovereign debt were trading at a record low of 1.17%, below those of nine EU member countries and Russia. In 2002, the Turkish Central Bank had $26.5 billion in reserves. This amount reached $92.2 billion in 2011. During Erdoğans leadership, inflation fell from 32% to 9.0% in 2004. Since then, Turkish inflation has continued to fluctuate around 9% and is still one of the highest inflation rates in the world. The Turkish public debt as a percentage of annual GDP declined from 74% in 2002 to 39% in 2009. In 2012, Turkey had a lower ratio of public debt to GDP than 21 of 27 members of the European Union and a lower budget deficit to GDP ratio than 23 of them.

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