Turkish Budget Posts Surplus in January on Central Bank’s Profit
(Bloomberg) -- Turkey’s coffers were buoyed by a dividend payment from the nation’s central bank in January that put the budget into the black.
The central government ran a monthly fiscal surplus of 21.5 billion liras ($3.6 billion), compared with a surplus of 5.09 billion liras a year earlier. It ended last year with an annual deficit of 123.7 billion liras.
The Treasury in January received an advance payment on its share of the monetary authority’s annual profits. Historically, the payment had been made after the central bank’s annual board meeting in April, but it held extraordinary meetings in January to send the cash earlier last year and this.
- Spending excluding interest payments rose an annual 4% to 87.9 billion liras
- Tax income increased 21.1% to 67.4 billion liras in January, compared with 55.7 billion liras a year earlier; part of the increase was likely related to taxes paid by the central bank
- Revenue rose 26% from a year earlier, indicating a significant increase in real terms when adjusted for consumer inflation of 12.2%
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