The measures taken by the Banking Regulatory and Supervision Agency (BDDK) to sell foreign currency held by public companies, after exporters, have created unease. Following the decision preventing companies with liquidity above a certain amount from accessing new TL loans, some banks stopped issuing TL loans until the details of the regulation were clarified. Economists have said that these decisions will bring temporary results and have interpreted the decisions announced by the BRSA as a step towards “capital restriction”.
ADMINISTRATIVE UNTIL SEPTEMBER
As a first reaction to the decision, the dollar exchange rate, which fell until 16.10 in the morning, rose around 16.50 in the evening. While the Treasury and Finance Ministry announced it was supporting the BRSA’s decisions, the business world said: “We use foreign currency not for profit, but for production.”
Evaluating the BRSA decisions, Prof. Dr. Veysel Ulusoy pointed out that while the government should decide on banking transactions based on monetary policy, the involvement of the BRSA, which is an autonomous institution, was a big mistake. Ulusoy said: “Many people, including those who have published this statement, will take on great responsibilities in the future.”
Veysel Ulusoy said: “This is a capital restriction, a foreign exchange control. It is also a crime to announce this decision when household access to the market is closed. BRSA is trying to dominate the market through news. This will place great burdens on this country in the short and long term. Those who create these burdens will have great responsibilities in the future, “she said.
Former Central Bank President Durmuş Yılmaz, on the other hand, said that while these decisions were being made, the Central Bank’s foreign exchange sales had continued. Yilmaz said:
“These are not verbose and macro-framework passages. That’s why they are all temporary and new additions are coming. Does the BRSA take steps to protect the value of TL or to regulate the loans? Considering the movement of the currency, the first option stands out. However, companies do not have the ability to wake up one morning and quickly sell such a large amount of foreign currency. The decrease in foreign currencies is due to the continuous sales of foreign currencies by the Central Bank ”.
‘WE KEEP YOU TO PRODUCE’
Estimating that the Istanbul Stock Exchange (BIST) companies have an additional $ 5 billion in hand, Dr. Artunç Kocabalkan said: “If we say that they will sell all of this, even if it is half outside the BIST, the total is 7.5 billion dollars. It will go on until September. Send? ”He said.
Stating that this agreement puts the business world in a difficult situation, Secretary General of the Federation of Plastics Industrialists Murat İnkün said: “Companies have to import foreign currency for production. According to TUIK, about 90 percent of our country’s imports consist of raw materials, intermediate products and capital goods. In other words, we have to import for industrial production. In other words, firms keep foreign currency in their deposits to continue production, not with the thought that foreign currency will increase in value.
Stating that exchange rate and inflation stability is a must, Secretary General of the Union of Steel Producers Veysel Yayan said: “We can understand if such measures are necessary in certain contexts, but they should not move to the intervention phase. market and they should not tire companies with unnecessary bureaucratic procedures. As for the exchange rate it can be high but it should be stable. “These fluctuations increase the unpredictability.”