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Turkey’s Central Bank Faces Another Billion-Dollar Loss in 2024, Raising Alarm on Economic Stability

by News Editor

April 16, 2025

Turkey’s central bank has posted a staggering loss of 700.4 billion Turkish lira ($18.4 billion) for 2024, according to the latest balance sheet published in the Official Gazette. This marks a troubling continuation of financial strain, following a similar shortfall of 818.2 billion lira ($25 billion) in 2023. This deepening crisis underscores the mounting pressure on the country’s financial system, already strained by the ongoing economic turbulence, as reported by Dünya.

The losses come as a sharp contrast to the bank’s previous profits—57.5 billion lira in 2021 and 72 billion lira in 2022—highlighting the extent of the current crisis. These back-to-back deficits are largely attributed to the central bank’s controversial foreign exchange-protected deposit scheme. Launched in late 2021 to curb the plummeting value of the Turkish lira, the program aimed to stabilize the currency by compensating depositors for any losses caused by currency fluctuations. The scheme, which ended earlier this year, has placed an enormous strain on the central bank’s reserves.

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As a result, the central bank has been unable to transfer any profits to the Treasury for the second consecutive year—a worrying sign for the country’s fiscal health.

In addition to the losses, the central bank’s fiscal report for 2024 shows a notable rise in its total assets, which increased from 6.92 trillion lira in 2023 to 8.59 trillion lira by the close of 2024. This growth, however, offers little reassurance in the face of the mounting financial difficulties.

Turkey’s economic outlook remains grim as inflation continues to ravage the economy. The country has battled double-digit inflation since 2019, with everyday living costs rising steadily. While the official inflation rate fell to 38.1% in March, marking its 10th consecutive month of decline, independent economists from the Inflation Research Group (ENAG) paint a much bleaker picture, estimating a 75.2% rise in consumer prices for the same period.

Compounding the country’s economic woes, a political crisis ignited by the arrest of İstanbul Mayor Ekrem İmamoğlu has further unsettled markets. The charges against İmamoğlu, widely seen as politically motivated, have only deepened uncertainty surrounding Turkey’s economic and financial future.

In response to the turbulence, the central bank has taken the drastic step of selling off foreign exchange reserves in an attempt to stabilize the lira’s exchange rate. Media reports suggest that the central bank’s losses could balloon to over $45 billion, exacerbated by the fallout from İmamoğlu’s arrest and the broader political climate.

With the central bank’s general assembly set to convene on April 30 to discuss these dismal results, the focus remains squarely on how Turkey’s financial authorities will navigate this storm of economic and political challenges.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.