Turkey’s central bank posted a loss of 700.4 billion lira ($18.4 billion) in 2024, according to its balance sheet published in the Official Gazette this week.

In 2023, the bank had posted a loss of 818.2 billion lira (or $25 billion at that time).

The loss, stemming from a foreign exchange-protected deposit scheme, prompted the central bank to pass on distributing profit to the Treasury in 2023 and now in 2024.

The central bank will convene its general assembly on April 30 in Ankara to discuss the 2024 results.

($1 = 38.0259 liras)