Central Bank of Türkiye announces annual loss

The Central Bank of the Republic of Türkiye announced the report for 2023, Report informs with reference to the Official Gazette of the Republic of Türkiye, which publishes new legislation and other official announcements.

According to the document, the realized loss was 818.2 billion Turkish liras (over $25.2 billion).

FX-linked deposit payments (KKM) had a great impact on the loss disclosure. In previous years, the bank transferred the profits it made to the Treasury as reserve funds.

The massive program, also known as KKM, was introduced in December 2021 with the goal of reversing dollarization in deposits and boosting the Turkish currency.