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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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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.