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BRSA president announced live: New measure after foreign exchange decision … – The right address for financial news

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Mehmet Ali Akben, president of the Banking Regulatory and Supervision Agency (BDDK), broadcast the decision made on foreign currency transactions live. Asked whether the measures will continue in the economy, BRSA president Akben replied: “We will make the necessary arrangements.”

The highlights of Akben’s speeches, which answered NTV’s questions, are as follows:

HOW TO ACCESS CREDIT?

  • The rapid growth of credit and the failure to direct credit towards production areas involve some risks. In this context, in order to support sectors that contribute to employment, we have directed them to contribute to selective sectors. We have targeted loans to areas that will contribute to the economy.

CONDITION FOR EXCHANGES IN COMMERCIAL LOAN

  • We have seen that even companies that don’t need it receive foreign currency. This regulation has nothing to do with capital control. This is important for ensuring financial stability. Banking law gives us this authority.

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HOW MANY COMPANIES ARE INTERESTED IN THE IMPLEMENTATION OF THE EXCHANGE LIMITS?

We have brought the following conditions;

  • That they are companies subject to independent auditing.

  • The book value is expected to express a foreign currency equivalent of over 15 million TL.

  • Anything more than 10% of the total assets. It must meet these 3 conditions. This is an enforced decision on a company basis.

  • It probably covers over 300 companies.

COMPLAINTS FROM COMPANIES FOR ACCESS TO THE LOAN

  • The decision will have aspects that need improvement. We will make the app market more relaxing. What we want is: Don’t buy foreign currency with cheap TL loans, buy gold and hold positions, invest, create jobs and use them in these areas.

THE MEASURES COMING IN ECONOMICS?

We will make the necessary changes.

FIGHT AGAINST INFLATION

  • More than 300 companies have an excess foreign exchange position. There is more than $ 15 billion in surplus. Taking control is directly related to the exchange rate.

EFFECT OF THE MEASURES ON THE DEMAND FOR INVESTMENTS

INTEREST IN THE SECURED CURRENCY DEPOSIT?

  • A size of over 1 trillion currency-protected deposits has been reached. Our decision is not an application we made to support this field. A decision made to ensure that the loans are directed towards investment and employment.

ARE THE ECONOMIC MEASURES TEMPORARY?

  • These decisions won’t last forever.

OUTLOOK IN THE BANKING SECTOR

  • In this context, the achievement of very high profitability figures in the banking sector has a rather negative impact on both the markets and the public. It is important that banks’ interest rates remain at a reasonable level.

“TEMPORARY DECISIONS” MESSAGE FROM NEBATİ

Treasury and Finance Minister Nureddin Nebati, in his recent statement, regarding derivatives transactions, real estate mortgages and TL credit limitation decisions announced by the BRSA to companies with high FX cash positions, “The important are the messages given by these decisions. Let’s say we take their money and we go to buy foreign currency with this money and all the decisions we make are temporary “.

WHAT HAS THE BRSA DECIDED?

In the event that the foreign currency cash assets (including gold, effective foreign currency and foreign currency deposits in banks) of the independently audited companies, excluding banks and financial institutions, exceed 15 million Turkish Lira at the date of their loan application, the foreign currency cash and cash equivalents of these companies, According to the current balance sheet, if the greater of the total assets or net sales revenue of the last 1 year exceeds 10 percent, it was decided not to extend a new commercial loan in TL cash to the companies in question.

The request will be valid until a contrary decision by the Board, to be implemented after the date of the resolution.

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