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One-Day $10 Billion Profit Erases Turkey Central Bank Losses
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(Bloomberg) -- 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. Turks Cling to Dollars in Red Flag for Erdogan Plan to Save Lira

The abrupt turnaround comes after President Recep Tayyip Erdogan unveiled measures meant to compensate lira investors for any losses. The Turkish currency slid 44% against the dollar last year, largely as the central bank -- egged on by Erdogan -- slashed its benchmark rate by 500 basis points since September.

The lira’s depreciation has fueled consumer price rises, with inflation ending the year past 36%, the highest level since September 2002. That’s eaten into Erdogan’s popularity as 2023 elections approach. But even with guaranteed returns on lira deposits, Turkish investors are still holding on to foreign currencies, undermining the Turkish leader’s plan to support the lira without raising interest rates.

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https://finance.yahoo.com/news/single-day-10-billion-profit-094442241.html

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OID: 1641319957 @ 01.04.22 18:12:37 (offset server time)


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