Turkish central bank begins distributing 2021 profits to shareholders

Turkey’s central bank said on Thursday it had decided to pay advance dividends from its 2021 accounting period and distribute its reserve fund from 2020 profits to shareholders, including the Treasury.

After an extraordinary general assembly meeting, the central bank said it began distributing 45 billion lira as advanced dividends and 4.3 billion lira as reserve funds.

The bank had announced that it would hold its general assembly meeting early this year after an unusual overnight change of nearly $10 billion in the bank’s balances at the end of 2021 prompted some economists to speculate it may be preparing to transfer funds to the Treasury.

Ankara has ramped up fiscal support for the economy amid turmoil following a slide in the lira’s value and soaring inflation at the end of last year.