Refers to a point in the recent past, often used in news or formal contexts. Can function as a noun or adverb.
Recently, a new law was passed.
先頃お会いしたときにお話しした件です。
This is the matter we discussed the other day when we met.
A mayoral election was held recently.
The new product that was recently announced is creating a buzz.
The damage caused by the recent typhoon was significant.