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Business representatives assessed the BRSA’s decision

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MUSIAD President Mahmut Asmalı and Ankara Chamber of Commerce (ATO) President Gürsel Baran evaluated the BRSA’s decision on the loan.

Asmalı said: “To prevent dollarization, which is the main factor in the rapid increase in the exchange rate in our country; It is one of our primary objectives in order to protect the value of our national currency and fight inflation.

Like MUSIAD, we support the BRSA’s decision to limit the use of Turkish lira loans to companies holding surplus foreign currency liquidity. It is clear that this decision will prevent inflation from rising due to rising exchange rate costs. With this move by the BRSA, the balance between supply and demand in currency will regress to much more reasonable levels in favor of the Turkish lira ”.

Mahmut Asmalı, President of MUSIAD, continued his words as follows: “In addition to these; This BRSA regulation does not include any restrictions on the foreign currency assets of the companies included in this scope and the foreign currency purchases of natural persons, it only restricts companies’ access to TL loans. Also, considering the exceptions and scope, the number of companies affected is quite limited. In this context, the rhetoric of “intervention in the market economy” following the relevant BRSA decision is unrealistic and far from goodwill. “

ATO President: It is good for the strengthening of TL and the stability of the economy.

Ankara Chamber of Commerce (ATO) council chairman Gürsel Baran said that the more rational and correct use of bank loans is important in terms of facilitating the real sector’s access to resources and said: “Resources are transferred to production, investment, exports and employment, and we can build the Turkish economy on a solid foundation. Continuing its growth is above all the advantage. “

ATO chairman Baran, noting that they expect the decision to have a positive impact on trade and production, said: “The transfer of loans to the real sector, which really needs it, is a positive step in strengthening the Turkish lira and the stability of our economy ».

Recalling that the world economy is left alone with problems such as the deterioration of the supply process, the increase in the prices of raw materials and oil, the Russia-Ukraine war, global warming and food supply in the process that started with the coronavirus pandemic, Baran noted that global problems have had repercussions on the Turkish economy. Emphasizing that Turkey is in a difficult geography, Baran drew attention to the importance of maintaining and even strengthening the strength of the Turkish economy in this process. Noting that they have always said that it is not fair to misuse the loans offered by banks to support the real sector, Baran said:

“Our country is struggling both economically and politically to maintain its existence in a difficult geography. Our government is trying to support the real sector, which is trying to be strong in foreign markets and to increase its competitiveness, with the banking system, to ensure the continuation of its economic growth in this process of limited resources. Using our banks’ support for the real sector for other purposes is unfair to our other businesses. The decision of the Banking Regulatory and Supervisory Agency is important to ensure the proper functioning of the credit channels. It is a positive step for the strengthening of the Turkish lira and the stability of our economy. Our companies should not consider foreign currency as an investment tool, but only hold it to meet their exchange obligations. In this process, the continued strong growth of the Turkish economy on a solid foundation by transferring resources to production, investment, export and employment is above all an advantage.

Vice President TYYD: BRSA decision could produce a positive result in the short term; but we are doubtful in the long term

Evaluating the effects of the BRSA TL Loan Agreement on the tourism sector at Bloomberg HT, Vice President of Turkey Tourism Investors Association (TYYD) Ali Güreli said: “The BRSA decision could produce a positive result in the short term; but we doubt that in the long run it will give a positive result. The goal is to control the supply and demand for foreign exchange in Turkey. Obviously, managing the economy with different rules does not fit well with the general conception of the free economy. Rather than rules, it is necessary to determine methods that everyone will accept together. Healthy communication is very important. The tourism sector is the sector that brings the most foreign currency to Turkey. So, earlier this week, I think we’ll take it to a more positive point by talking to each other. ”He said.

Güreli said: “Tourism is an industry where long-term investments are made that have a return over many years. Therefore, short-term foreign exchange control decisions shouldn’t affect tourism investors too much. However, trust in the system is also very important in tourism investments. Strict rules can undermine trust a little. On the other hand, I don’t think there will be a situation where projects will be postponed. ”He said.

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