Turkish Central Bank Records $18.4 Billion Loss in 2024

Turkey's Central Bank reported a significant loss of 700.4 billion lira ($18.4 billion) for 2024, marking the second-largest loss in its history following an even steeper deficit of 818.2 billion lira in 2023. The losses are largely attributed to a foreign exchange-protected deposit scheme aimed at stabilizing the lira, which has now been terminated. Despite the financial setbacks, the bank's total assets grew to 8.59 trillion lira, reflecting its ongoing monetary operations. The central bank has refrained from transferring profits to the Treasury for two consecutive years due to these losses. As inflation rates continue to pose a challenge, the bank's policy interest rate has fluctuated significantly in efforts to regain investor confidence. The central bank is set to discuss these results during its general assembly on April 30.