Turkey's Central Bank to distribute TL 40.5 billion annual profit, contingent reserves

AGENCIES
ISTANBUL
Published 20.01.2020 17:10
Updated 20.01.2020 17:14
This file photo shows the logo of the Central Bank of Republic of Turkey CBRT inside its headquarters.
This file photo shows the logo of the Central Bank of Republic of Turkey (CBRT) inside its headquarters.

The Central Bank of the Republic of Turkey (CBRT) announced Monday that it would distribute accumulated contingent reserves with annual profits, excluding last year's.

The decision came following discussions between stakeholders in the capital Ankara and was confirmed with a vote on the distribution of 2019's profit.

The Extraordinary General Assembly Meeting concluded with an agreement to distribute the advance dividends of 90% calculated on the 2019 undue financial year of the bank, the remaining 10% to be transferred later in the year.

Accordingly, the CBRT will distribute TL 35.2 billion in advance dividends and TL 5.3 in contingent reserves.

The lion's share of the amount will go to the Treasury, the main stakeholder of the bank, while a symbolic amount will go to other stakeholders.

The CBRT transferred nearly TL 50 billion to the Treasury last year, including taxes, while profit transfer was withdrawn from April to January to support the budget deficit.

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