UPDATE 1-Turkey cenbank fast-tracks some $8.5 bln transfer to Treasury - EntornoInteligente
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(Adds transfer estimate, background)

ANKARA, Jan 20 (Reuters) – Turkey’s central bank decided on Monday to send 90% of its 2019 profits to the government’s budget, voting for a second straight year to fast-track a series of payments estimated to reach 50-55 billion lira ($8.5-9.3 billion) this year.

The bank’s board voted at an extraordinary general assembly to approve the transfer to shareholders, primarily the Treasury ministry, after necessary reserves are removed.

Last year, the bank transferred to the Treasury some 50 billion lira including corporate tax, as well as some 40 billion lira of accumulated legal reserves.

It also held the meeting in January last year, bringing it forward from previous years when it was held in April.

Bankers calculated this year’s transfer to the Treasury would be around 50-55 billion lira, given legal reserves are mostly tapped.

Despite the legal reserves and other one-off payments, Turkey’s central budget deficit soared 70% last year to 123.7 billion lira as the government boosted spending in the face of local elections and a recession.

The central bank’s balance sheet for 2019 has not yet been published.

$1 = 5.8997 liras Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer

LINK ORIGINAL: Reuters

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