Türkiye Central Bank Posts $25 bln Loss for 2023

The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo
The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo
TT

Türkiye Central Bank Posts $25 bln Loss for 2023

The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo
The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo

Türkiye's central bank posted a 2023 loss of 818.2 billion lira ($25.25 billion), showed its balance sheet published in the Official Gazette on Sunday, on the back of steep loss stemming from the "KKM" foreign exchange-protected deposit scheme.

The government has been working for months to exit KKM, launched in 2021 to stem a historic currency crash. Loss stemming from KKM prompted the central bank to pass on distributing profit to the Treasury in 2023.

The scheme helped reverse a trend of Turks flocking to hard currency and gold to protect savings after years of lira depreciation.

The central bank is now seeking to boost the share of lira deposits in the banking system. It started in August to urge conversion from KKM to standard lira accounts, Reuters reported.

An independent audit report published last year showed the central bank posted profit of 72 billion lira in 2022 and 57.5 billion lira in 2021.

The central bank will convene its general assembly on April 30 in Ankara to discuss 2023 results.



Saudi Arabia to Sell 0.64% Aramco Stake

Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
TT

Saudi Arabia to Sell 0.64% Aramco Stake

Saudi Arabia is offering 1.545 billion Aramco shares. Reuters
Saudi Arabia is offering 1.545 billion Aramco shares. Reuters

Saudi Arabia is selling a 0.64% stake in oil giant Aramco, a statement said on Thursday.

Saudi Arabia is offering 1.545 billion Aramco shares and the offering period will commence on June 2.

The price range is expected to be between SAR 26.70 and SAR 29.00 per share.