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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
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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.

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Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
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Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales.

Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher.

"The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo, Reuters reported.

Brent crude futures lost 57 cents, or 0.9%, to $64.84 a barrel by 1146 GMT while US West Texas Intermediate crude slipped by 54 cents, or 0.9%, to $61.95. The nearby June WTI contract expires on Tuesday.

Both contracts rose more than 1% last week.

Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith".

"Today's weakness is simply a continuation of crude's wild ride going nowhere, with the latest move triggered by the Moody's downgrade and not least Scott Bessent's warning," said Ole Hansen of Saxo Bank.

The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.

Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.

US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.

"The US-Iran nuclear negotiations are not clear cut and may take many months," said John Evans of oil broker PVM.