Turkey’s Treasury cancelled two auctions of lira-denominated bonds slated for next week citing the reduced need for financing.

The Treasury and Finance Ministry said it was cancelling a sale of 10-year inflation linked bonds on Nov. 12. Auctions of 7-year floating-rate notes and 10-year fixed coupon bonds, originally scheduled for Nov. 13, were also cancelled, according to a statement on Friday.

The government said there was no need to raise as much capital domestically after it sold 1.5 billion euros of 2026 benchmark bonds earlier this week, taking foreign borrowing this year to $7.7 billion. It said its original goal was for $6.5 billion for such borrowing.

The cancellation of the auctions also meets a target of reducing the costs of financing, the ministry said.

Interest rates on lira-denominated bonds have surged this year after inflation accelerated to more than 25 percent, the highest level in 15 years.

International bond issues and syndicated loans by Turkey curently carry interest rates of between 5.5 percent and 7.5 percent, far less than domestic bonds -- the benchmark 10-year lira bond returns about 17 percent.