Turkish Central Bank’s net profit soars in 2017

ANKARA

The Central Bank of the Republic of Turkey announced on March 27 its net profit in 2017 was 18.38 billion Turkish Liras ($5.04 billion), soaring by over 92.5 percent from 9.55 billion liras ($3.15 billion) the previous year.

The Central Bank’s total assets last year were 636.97 billion liras ($174.5 billion), including gold, foreign currencies, securities and loans, according to the bank’s 86th accounting period published in the official gazette.

Gold reserves at the bank were 564.65 tons by the end of last year, worth 88.78 billion liras ($24.32 billion).

Most of the bank’s profit is expected to be transferred to its main shareholder, the Undersecretariat of Treasury.

Last year, the bank transferred some 6.41 liras of its profit to the Treasury.