Akben has made assessments regarding the BRSA decision, which includes restrictions on the use of TL commercial cash loans in accordance with their purpose.
Recalling that the BBDK instructed banks not to engage in reverse operations for the purpose of extending loans, Akben said he observed that some companies, although they have no foreign currency debt or foreign currency liabilities, and even have an excess of foreign currency position, use TL loans to purchase foreign currency and hold foreign currency positions.
In other words, Akben said that TL’s commercial lending resources on favorable terms, which should be earmarked for production, employment, investment and export, were seen to continue to be used by some companies for lending. purchase of foreign currency, even if there is no real need.
For this reason, the decision taken on Friday by our Board of Directors is a macroprudential measure taken to strengthen financial stability, to ensure that the credit system works effectively by using resources more efficiently and that loans are used according to their purpose. This decision also ensures that foreign currency is used in areas where it is really needed and I think it will also contribute positively to controlling inflation.
In adopting this decision, the necessary analysis studies were carried out in coordination and coordination with the other competent institutions responsible for the management of the economy, with particular attention to the prevention of any cash flow problems for the companies that would have re-entered the perimeter .
– “Three conditions must be fulfilled together”
In this context, Mehmet Ali Akben, in order for a company to be included in the scope of the aforementioned board resolution, must be a company subject to independent auditing, the TL equivalent of the foreign currency (FX) cash assets is greater than 15 million TL and the TL equivalent of these FC cash assets is less than the total assets or should exceed 10% of the last year’s net turnover, whichever is greater.
Pointing out that for any company to fall within the scope of this decision, all three conditions must be met together, Akben said that within the scope of the aforementioned decision, foreign currency cash assets, including gold, foreign currency, are included. foreign currency and foreign currency deposits in banks within the scope of foreign currency deposits issued by residents and securities issued in foreign currency, stated that other monetary assets consisting of debt instruments such as Eurobonds are not included in the scope of assets in cash in foreign currency.
However, Akben stated that other monetary assets of companies such as securities and shares issued in foreign currency by non-residents and reverse repurchase agreements with non-residents are also included in the calculation of foreign currency cash assets as part of the decision.
– “There is no limitation or interference with the companies’ FX activities”
Underlining that real people and business partners do not fall within the scope of the aforementioned resolution, the President of BRSA Akben stated: “Even if there is a limitation on the disbursement of the loan due to compliance with these 3 conditions, in the case in where there is a restriction on the company’s use of FX loans in accordance with relevant legislation, these companies will be granted 3 TL Loans equal to the monthly FX Net Open Positions that have been provided. ” used expressions.
Specifying that the necessary convenience has been provided, limited to revolving loans to be used in line with the limits assigned to customers by the banks before the date of the resolution, and to the monthly increases in the balance to be made within the current limit of differences for KMH, cards business credit and overnight loans, Akben said, stressed that only TL loans are limited to access.
Akben said: “There is no limitation or intervention with respect to the FX activities of the companies that will fall under this scope. In addition, the aforementioned board decision only affects cash loans in TL and commercial loans to be extended in FX are not. included in this scope By limiting the use of TL loans by the loan companies, it is expected that the loan resources will be used in more efficient and productive areas, thus contributing to the effective functioning of the credit system and strengthening financial stability. he concluded by saying.