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.
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