The Central Bank Has Announced an Important Decision
The Central Bank has issued an important announcement. According to the statement, the Bank has decided to distribute 90% of the amount calculated from the provisional profit for the 2019 accounting period as an advance. In other words, from the 2019 accounting period profit that has not yet been finalized, the Central Bank will distribute 90% of the calculated amount as an advance. Apart from the portion reserved from last year’s profit, it was also decided that the entire accumulated reserve fund will be transferred to profit and distributed.
At the extraordinary General Assembly of the Central Bank of the Republic of Turkey, the proposal submitted by the Ministry of Treasury and Finance to distribute 90% of the profit shown in the Bank’s unaudited 2019 year-end financial statements as an advance was accepted.
Breaking Development from the Central Bank for 2020
In a late development for 2020, the Central Bank of the Republic of Turkey convened an extraordinary General Assembly and approved the Ministry of Treasury and Finance’s proposal to distribute 90% of the profit recorded in the unaudited 2019 year-end financial statements as an advance. One of the items on the agenda was the advance distribution from the Bank’s 2019 period profit, and the Ministry’s representative, Feyza İleri, presented the proposal to the General Assembly.
The proposal presented by Ministry representative Feyza İleri requested that 90% of the profit amount recorded in the Central Bank’s unaudited 2019 year-end financial statements be distributed as an advance. Under this proposal, and in line with Article 7 of the Trade Ministry’s Communiqué on Distribution of Profit Advances, the amount to be distributed will be calculated after permitted deductions, and 90% of that calculated amount will be paid as an advance. Additionally, except for the part separated from last year’s profit, the accumulated reserve fund will be included in profit and distributed.
During the General Assembly meeting, Central Bank Governor Murat Uysal invited shareholders to express their views and proposals regarding the motion. Shareholders requested an increase in the dividend amount to be distributed to them. Following discussions, the extraordinary General Assembly approved the proposal.