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Never seen such a misfortune! They took out a loan with TL and deposited the money in dollars.

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The rationale for the decision to limit foreign currency assets for TL loans brought to light a surprising result. It has been revealed that companies that have no foreign currency debt or even more are buying dollars using TL loans.

Following the decision made on Friday by the Banking Regulatory and Supervision Agency (BDDK) to strengthen financial stability and use resources more efficiently, eyes have been turned to companies in the real sector. The rationale for the decision, announced yesterday, to limit foreign currency assets for using TL loans, revealed that although some companies have foreign currency surpluses, they receive dollars by taking TL loans.

3 conditions will be met

According to the decision made by the BRSA, “subject to independent audit”, “TL equivalent of liquid foreign currency assets exceeding TL 15 million” and “TL equivalent of liquid foreign exchange assets exceeding 10 percent of total assets or of the net sales revenues of the last year “. “Businesses will not receive a new commercial cash loan called TL. For any business to fall within the scope of the decision, all 3 conditions must be met.

The banks have been educated

In the statement made yesterday by the BRSA, it is recalled that the banks had previously given instructions to show the utmost attention in order to prevent the use of loans in carrying out operations unsuitable for their purpose. Despite the fact that some companies have no foreign currency debt or foreign currency liabilities and even have a foreign currency position surplus, they buy foreign currency using TL loans and hold foreign currency positions, adding: “In other words, resources of adequate TL commercial loan that must go to production, employment and investment, there is no real need, however it continues to be used by some companies for the purchase of foreign currency.

The companies received $ 8.7 billion

Following the request for a secure currency deposit, the size of the companies’ foreign currency accounts, which was $ 98.1 billion on December 23, 2021, fell to $ 77.4 billion on March 4. Companies that sold $ 20.7 billion in this process received $ 8.7 billion between March 4 and June 22. Since March 4th, TL’s commercial loans have increased by TL 600 billion. The real sector’s short currency position also fell to $ 114.1 billion at the end of March this year, the lowest level since 2011. The companies’ short-term currency surplus reached $ 56.6 billion.

In the context of revolving loans

The calculation of the balance increase to be made at the end of each month for commercial TL cash loans to be made on the date of the decision through lending transactions such as revolving, overdraft accounts (KMH) or corporate credit cards will be considered as a new use. The same application will apply even if there is an amount of balance risk in overnight loans. At the end of the month, the customer of the loan; find an increase in the balance for revolving, KMH or corporate credit cards; For overnight loans, if the amount of risk is found and it is determined that these fall within the relevant limit within the scope of the certified deeds, said customers will not be granted a new commercial cash loan in TL, even if there is it is a borderline gap.

It affects 58 stock market companies

According to research conducted by brokerage firms headquartered in Istanbul Stock Exchange companies, the number of companies with foreign currency positions above 15 million TL at the first quarter balance sheet and this amount is more than 10% of the assets or turnover of 1 year, it was determined as 58. It is estimated that if the companies in question sell their cash in foreign currency, there could be foreign exchange sales of approximately $ 5.6 billion. On the other hand, more than 30 companies on the stock exchange have announced that they have not been affected by the decision.

There is no way of collusion

Banks will need to notify their customers before companies make a TL loan application, so that they do not engage in practices to circumvent the decision through fictitious or other collusive transactions. The necessary legal actions can be initiated against those who authorize the opening of a loan that should not be disbursed by banks.

The dollar fell

Following the decision of the Banking Regulatory and Supervision Agency, the dollar, which fell 2.7% on Friday, fell nearly 5% at yesterday’s open, hitting a one-month low at 16.0993. . The index, which dropped to 2,483 points at the opening of the Istanbul Stock Exchange, rose to over 2,530 points with subsequent purchases.

Credits should be used according to their purpose.

Mehmet Ali Akben, chairman of the Banking Regulatory and Supervision Agency (BDDK), said that TL commercial loan resources on favorable terms were seen, which should be earmarked for production, employment, investment and export, they continue to be used by some companies to purchase foreign currency, even if there is really no need. Akben said: “The decision taken by our Board is a macroprudential measure taken to strengthen financial stability and ensure that loans are used in accordance with their purpose. This decision will contribute to the use of foreign currency in areas where it is truly necessary and to control inflation “. Expressing that particular attention is paid to preventing any cash flow problems for the companies within the scope, Akben said there are no restrictions on the companies’ foreign currency operations.

MAHMUT ASMALI / PRESIDENT OF MUSIAD

Don’t interfere with the market economy

Like MUSIAD, we support the BRSA’s decision to limit the use of TL-denominated loans to companies holding surplus foreign currency cash. It is obvious that the decision will prevent inflation from rising due to rising exchange rate costs. With this move, the balance of currency supply and demand will regress to much more reasonable levels in TL’s favor. Considering the exceptions and the scope, the number of companies affected is rather limited. In this context, the discourse on “intervention in the market economy” after the related BRSA decision is unrealistic and far from goodwill.

ORHAN AYDIN ​​/ PRESIDENT OF ASKON

Exchange areas should be questioned

While our government is trying to protect our people’s money and break the foreign exchange pressure with the currency-protected deposit account and income-indexed bill, it is necessary to question the mentality that buys foreign currency while ignoring the struggle in this field and by purchasing commercial loans for investment, production and employment at appropriate rates. The new decisions made by the BRSA regarding the use of loans were a decision that will put an end to these mentalities.

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