Turkey reports budget surplus after central bank hands over profits

Turkey’s government reported a budget surplus for a second consecutive month in February after the central bank paid out almost 50 billion liras ($3.4 billion) in dividends from its 2021 profits.

Turkey posted a budget surplus of 69.7 billion liras last month, more than triple the 23.2 billion liras surplus of February 2021, the Treasury and Finance Ministry said on Tuesday.

The central bank paid out 49.3 billion liras in dividends and reserve funds to the government in February.

Budget revenue increased by an annual 126 percent to 270.6 billion liras. Tax income climbed by 83.2 percent to 180.3 billion liras. Expenditure rose by 87.9 percent to 157.1 billion liras, excluding interest payments on debt, which soared 242.3 percent to 43.7 billion liras.

The increases in revenue and expenditure compared with consumer price inflation of 54.4 percent in February.

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