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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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Japan PM Ishiba Says Disagreements Remain with US on Tariff Talks 

Japanese Prime Minister Shigeru Ishiba speaks during a press conference at the conclusion of the Group of Seven (G7) Summit in Calgary, Alberta, Canada on June 17, 2025. (AFP)
Japanese Prime Minister Shigeru Ishiba speaks during a press conference at the conclusion of the Group of Seven (G7) Summit in Calgary, Alberta, Canada on June 17, 2025. (AFP)
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Japan PM Ishiba Says Disagreements Remain with US on Tariff Talks 

Japanese Prime Minister Shigeru Ishiba speaks during a press conference at the conclusion of the Group of Seven (G7) Summit in Calgary, Alberta, Canada on June 17, 2025. (AFP)
Japanese Prime Minister Shigeru Ishiba speaks during a press conference at the conclusion of the Group of Seven (G7) Summit in Calgary, Alberta, Canada on June 17, 2025. (AFP)

Japan's Prime Minister Shigeru Ishiba said his country has not reached a comprehensive tariff agreement with the United States as some disagreements persist between the two nations.

Ishiba, talking to reporters after the Group of Seven leaders' summit in Canada on Tuesday, emphasized the importance of securing a trade deal that benefits both countries while safeguarding Japan's national interests.

Ishiba, who was at his first G7 summit as prime minister, held tariff talks US President Donald Trump on Monday, but the meeting ended without an agreement to lower or eliminate the 25% tariff Trump has imposed on Japanese auto imports.

Ishiba said US tariff measures were impacting the earnings of many Japanese companies, including those in the automobile sector, while causing a significant impact on the global economy.

"Both Japan and the United States have continued sincere discussions, exploring the possibility of an agreement until the last moment," he said. But Ishiba added there still remain points of disagreement between the two sides.

Ishiba's news conference in Calgary, Canada was held following a gathering of G7 leaders at the nearby Kananaskis mountain resort in the Canadian Rockies.

Ishiba also met other leaders for bilateral talks including his first meeting with German Chancellor Friedrich Merz. The Japanese leader also discussed security relations with South Korean President Lee Jae-myung before heading back to Tokyo.

The summit ended without a joint statement of support from the group for Ukraine after US President Donald Trump expressed support for Russian President Vladimir Putin and left the event a day early to address the Israel-Iran conflict.

On the Middle East, Ishiba said he had told G7 leaders that Iran's nuclear development was "never tolerable", while stressing the importance of diplomatic efforts through dialogue.

Ishiba will participate in the NATO Summit in the Netherlands next week, he added.