One-Day $10 Billion Profit Erases Turkey Central Bank Losses

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(Bloomberg) — Turkey’s central bank posted an extraordinary daily profit of around $10 billion on the final day of 2021, sparking questions on what caused this overnight boon that will trickle down to the nation’s Treasury.Most Read from BloombergThe monetary authority had penciled in an annual loss of around 70 billion liras ($5.2 billion) on Dec. 30 but ended the year with 60 billion liras of profit, an unprecedented change of fortunes in a single day, according to its daily balance sheet. In February, the Ministry of Treasury and Finance — as the central bank’s biggest stakeholder — will begin collecting much of that sum as dividends.Turks Cling to Dollars in Red Flag for Erdogan Plan to Save LiraThe abrupt turnaround comes after President Recep Tayyip Erdogan unveiled measure …

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finance.yahoo.com/news/single-day-10-billion-profit-094442241.html

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