Central Bank announces profits

ANKARA - Anatolia News Agency

Turkey’s Central Bank announced 8.56 billion Turkish Liras in 2011 net profits in its annual report.

The figure is a sharp increase from the 1.2 billion liras posted in 2010 and the 2.7 billion liras in 2009.
After the quick recovery in 2010, Turkey’s economy grew rapidly in 2011, Central Bank Gov. Erdem Başçı said, adding that employment improved from the year before.

In the second half of 2011, there was a sharp increase in imports due to strong internal demand, but government policies to balance internal and external demand led to a slowdown in imports after the second half of 2011, he said. Başçı added that although Turkey’s current account deficit as a percentage of GDP had risen to 10 percent from 6.4 percent in 2010, the financing of the current account deficit was becoming healthier due to the macroeconomic policies that have been put in place.