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Turkish Central Bank 2024 Loss Around $18 billion

A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
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Turkish Central Bank 2024 Loss Around $18 billion

A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo

Türkiye 's central bank posted a loss of 700.4 billion lira ($18.4 billion) in 2024, according to its balance sheet published in the Official Gazette on Tuesday.

In 2023, the bank had posted a loss of 818.2 billion lira (or $25 billion at that time).

The loss, stemming from a foreign exchange-protected deposit scheme, prompted the central bank to pass on distributing profit to the Treasury in 2023 and now in 2024, Reuters reported.

The central bank will convene its general assembly on April 30 in Ankara to discuss the 2024 results.

Meanwhile, the Turkish budget showed a deficit of 261.5 billion lira ($6.87 billion) in March, while there was a primary deficit of 100.2 billion lira, the Treasury and Finance Ministry said on Tuesday.

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US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
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US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)

Treasury Secretary Scott Bessent on Sunday dismissed Moody's downgrade of the US sovereign credit rating, as the Republican-controlled Congress tried to push ahead on President Donald Trump's sweeping tax-cut bill.

Bessent, in a pair of television interviews, said the bill's provisions extending the 2017 tax cuts passed under Trump's first term would spur economic growth that would outpace what the nation owed, even as nonpartisan analysts warn the measure it would add trillions to the federal government's $36.2 trillion in debt.

"I don't put much credence in the Moody's" downgrade, Bessent told CNN's "State of the Union" program.

The House of Representatives Budget Committee on Friday rejected the bill, with a handful of Republican hardliners saying they were concerned it did not sufficiently cut spending.

House Speaker Mike Johnson separately said on Sunday the chamber is still "on track" to pass the bill. The committee is set to try again in a rare Sunday night hearing, set to begin at 10 p.m. ET (0200 GMT Monday).

"We've had lots of conversations. We'll have more today," Johnson said on "Fox News with Shannon Bream" when asked about hard-line Republicans Chip Roy and Ralph Norman demanding more spending cuts.

Congressional Republicans in 2017 also argued that the tax cuts would pay for themselves by stimulating economic growth. But the nonpartisan Congressional Budget Office estimates the changes increased the federal deficit by just under $1.9 trillion over a decade, even when including positive economic effects.