Turkey’s Central Bank recorded profits of $5.5 billion in 2001
Turkey’s Central Bank recorded profits of $5.5 billion Turkish liras in 2001, compared to $732 million in the previous year. Some $6.1 billion in profits was earned from interest rate revenues, reported Milliyet .
Last year’s profits will be used to offset the losses of the public sector and private banks, incurred at the beginning of last year with the collapse of the Turkish lira. The local currency lost more than 50 percent of its value since February 2001’s financial turmoil dragging the economy into one of its worst ever crises. — (menareport.com)
© 2002 Mena Report (www.menareport.com)