17 April 2014, Thursday
Today's Zaman

Central bank saves $5.7 billion for Turkish Treasury

16 May 2012, Wednesday /ERCAN BAYSAL
The Central Bank of Turkey prevented a budget deficit exceeding $10 billion for the period of January to April by flowing $5.7 billion to the Treasury account last month.

The central bank, which had a revenue of $8.5 billion in 2011, enabled the Treasury to have an excess of $1.4 billion in its account for April. Speaking exclusively to Today’s Zaman, a top official who wishes to remain anonymous noted that the central bank annually transfers resources to the Treasury: “In 2010, there was no money left from a profit of $1.2 billion after deductions. However, with last year’s record revenue of $5.7 billion, the central bank saved the further negative impact of the budget deficit by transferring funds.”

In addition, Treasury earnings other than tax income increased by 47.5 percent, reaching $17.8 billion for the period of January to April 2012. Also, expenses between January and April 2011 increased by 17 percent, from $95.3 billion to $111.5 billion in 2012 for the same period.

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