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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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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.