Turkey's Treasury ministry is working on legislation to transfer the centra...
ANKARA - Turkey’s Treasury ministry is working on legislation to transfer the central bank’s 40 billion lira in legal reserves to the government’s budget to shore it up, three economic officials told Reuters.
It was unclear when or whether the draft law would reach parliament, however, though one of the sources said it would happen “soon.” A second source with knowledge of the matter said last year’s “legal reserves” combined with this year’s amounted to the 40-billion lira figure, which was cited by all three people who spoke to Reuters.
“I do not remember the use of legal reserves before. This method came up to stop further deterioration of the budget,” the source said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Turkey presses banks to agree high-stakes bailout of bad energy loansTurkey's plan to clean up some $13 billion in bad energy loans, one of the ...
Read more »
Turkey orders revote for Istanbul mayorTurkey's election board has ruled in favor of a revote for Istanbul's next mayor, according to a state-run news agency
Read more »
U.S. and EU concerned by Turkey's plans to drill off CyprusThe United States and European Union have expressed deep concern over Turkey&03...
Read more »
China's persecuted Uyghurs live 'freely' in TurkeyMembers of the Uyghur community in Turkey say they escaped a brutal crackdown in China and now continue to rally for missing relatives believed to be held in camps
Read more »
Turkey working insistently for full EU membership – ErdoganTurkey has struggled to become a full member of the EU for the last 60 years but it is determined to gain membership, says President Erdogan.
Read more »
Turkey installs multimillion-dollar coastal surveillance systemThe Coastal Radar Surveillance System is meant to detect and prevent illegal immigration, smuggling and unauthorised fisheries in mostly western Turkish waters.
Read more »
Many in Turkey see voiding of Istanbul vote as latest sign of Erdogan's autocracyTurkey’s President Recep Tayyip Erdogan ordered a do-over of a March vote that saw an opposition politician elected as mayor of Istanbul. Critics warn that overturning the election result signals an accelerating slide into authoritarianism.
Read more »
Turkey cancels the opposition’s victory in the Istanbul electionTurkey’s election board has stripped Ekrem Imamoglu of his mandate in Istanbul. A new election will take place on June 23rd
Read more »
Turkey cancels the opposition’s victory in the Istanbul electionPresident Recep Tayyip Erdogan seems ready to win back the city by hook or by crook
Read more »
Turkey expects NATO allies to support in combating terror groups – ErdoganTurkey is the only NATO country that has fought Daesh in close combat in Syria and inflicted a heavy defeat on the terror organisation – President Erdogan
Read more »