Turkey Revives Plan to Tap 46 Billion Lira in Central Bank Legal Reserves-Sources

News About Turkey - NAT
1 Min Read

By Reuters

ANKARA — Turkey’s government is reviving plans to transfer the central bank’s 46 billion lira (6 billion pounds) in legal reserves to its deteriorating budget to shore it up and is also considering adjusting some tax measures as it battles recession, sources said.

A Treasury official and three other sources familiar with the plans confirmed that the funds – which are separate from the central bank’s foreign exchange reserves – were being eyed to help narrow a budget deficit that has widened by 225% in the first five months of the year.

The Treasury ministry’s proposals were expected to be presented to parliament in a few weeks, after which they could be passed into law, the sources said.

Such a transfer from the central bank would mark the latest unorthodox attempt by President Tayyip Erdogan’s government to pull Turkey out of recession and steady the lira following a currency crisis last yea

Share This Article
Founded by a small group of Turkish/Kurdish scholars who have been subjected to persecution at the hands of the Erdogan dictatorship, News About Turkey (NAT) has emerged as a platform that is both exceptional and invaluable. Our objective is to provide you with a comprehensive and sophisticated understanding of the events and developments in Turkey (Türkiye), a country with profound historical and geopolitical importance, a vibrant culture, and a strategic location. Our founders, who have been purged by the Erdogan regime after the so-called coup attempt, are aware of the significance of journalism that is both free and independent. Because of this understanding, we are committed to providing reporting and analysis that is both objective and comprehensive. To give you the most thorough coverage of Turkey, we go further than just scratching the surface. Keep in touch with us so that you can have a better understanding of Turkey's developing story as well as vital and comprehensive news items. Whether you are a resident of Turkey, a member of the Turkish/Kurdish diaspora, or simply someone who has a strong interest in this vital country, we are the most reliable source for news that not only informs but also inspires and engages you.
Leave a comment