The latest regulation introduced by the BRSA has limited the use of TL loans by companies holding large amounts of foreign currency.
Accordingly, it must be independently audited and Companies with over 15 million TL in cashif that amount is the sum of its total assets or annual sales revenue. 10 percent If he exceeds the amount, he will not be able to obtain a commercial loan in TL.
While criticism of the BRSA decision on capital control is on the agenda President Mehmet Ali Akben responded to criticism.
“Recently, we have seen that some of these loans, such as foreign currency and gold, are also directed to this field, so we had to make this decision,” Ekben said and continued as follows:
“There are no problems with companies and companies that have foreign currency debts, foreign currency liabilities, there are no problems in their indebtedness, we have seen that the foreign currency was bought with TL loans and kept in a long and maintained a foreign currency position.
One of the main themes of banking law is to ensure the efficient functioning of the credit system. One of the main topics of banking law is the protection of depositors’ rights. Our goal is to ensure that low cost credit is used in direct areas.
“NONE RELATING TO CAPITAL CONTROL”
This has nothing to do with capital control and capital management. We approach it by saying that if you have the resources you can buy foreign currency, you can make the investment you want, you get resources that are not yours from the banks and if you can provide them cheaply, use this loan in the areas they have determined. To change decision number 32, it must be restrictive to capital movements, our decision does not change the transfer of capital, it has no such effect, we determine where the TL loans obtained by banks from companies go, the law has given us this authority . This is important for financial stability.
We have said that if there are companies subject to independent auditing, this book value should represent a foreign currency equivalent of over 15 million TL. It has to create all three conditions, and this is something that is applied on a business basis, not a situation that applies to partners. It is assumed that the number of companies meeting all three conditions at the same time is more than 300 companies, real-time data shows that there will be a change in the numbers …
WHY WAS THE DECISION TAKEN ON FRIDAY?
When such decisions are made, it is certainly possible that these decisions will have an effect. “Why was it taken on Friday night?” There are criticisms. Giving a deadline of two days, it is natural that these decisions are made in this way to consolidate these works, about the objections or the missing parts or the parts that need to be handled.
We have also spoken at the TOBB Economic Council meeting, we have held meetings with independent auditing firms, we are working on various criticisms that reach both our ministers and our banks.
We have made statements to the banks, we will make new statements in the coming days on areas that remain ambiguous and difficult to understand and we will make the market more comfortable. The decision will have areas for improvement.
In recent weeks we have received both housing and credit card statements, we are experiencing a brisk process, the economy is alive, loan growth is very high, this shows that the economy is alive.
We hold meetings with other units of the economy, with our Central Bank, with the Ministry of the Treasury, when we deem it necessary, these will take place. Taking control is directly related to the exchange rate. Recently there has been a decline in foreign currency lending, there is also a decline in exchange rates.As long as there is a low cost TL, the demand for foreign currency will not be very high, we do not think this will create a demand flowing there in the short term. We do not expect the measures to be stopped. There will be a situation that will encourage more inflation, the situation of companies, of companies to see ahead and make investments, this is our expectation. Companies have an excess of $ 15 billion in foreign exchange positions.
“THE DECISION IS NOT A DECISION ON KKM”
Certified public auditors can be included in the reporting system. We constantly monitor the quality of the banking sector’s assets and its resilience to possible liquidity situations. The NPL ratio is around 2.5 percent. The reserve ratios of banks also exceed 80% and at the moment we have not encountered any problems in the liquidity and balance sheets of the banks. Banks’ short-term liquidity and profitability ratios show no potential to cause problems. Our decision is not an Exchange-Protected Deposits (KKM) decision, but a decision on the targeting of investment and employment loans. “