Single-Day $10 Billion Profit Erases Turkish Central Bank Losses

Single-Day $10 Billion Profit Erases Turkish Central Bank Losses

From bnnbloomberg.ca

Turkey’s central bank posted an extraordinary daily profit of around $10 billion on the final day of 2021, sparking questions on what caused this overnight boon that will trickle down to the nation’s Treasury. The monetary authority had penciled in an annual loss of around 70 billion liras ($5.2 billion) on Dec. 30 but ended the year with 60 billion liras of profit, an unprecedented change of fortunes in a single day, according to its daily balance sheet. In February, the Ministry of Treasury and Finance -- as the central bank’s biggest stakeholder -- will begin collecting much of that sum as dividends. The ... (full story)

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