Central Bank Runs TL Requirement for Exporters

The Central Bank is taking a step that can contribute to the country’s economy and increase the value of the Turkish lira. According to the statement made, the Central Bank of the Republic of Turkey uses foreign currency in the use of rediscount credits given to exporters. Conversion requirement to Turkish lira will run.

With the amendments made in the Export and Foreign Exchange Earning Services Rediscount Credit Implementation Instruction, 10% of the foreign currency deposits in the loans received until 30 April 2022 will be paid until 31 July 2022. 20% of It must be converted into Turkish Lira or a commitment must be made that it will happen.

With the conversion of foreign currencies into TL, rediscount credit will turn into a system that adds value to the Turkish Lira.

Thanks to the rediscount credit right provided by the Central Bank of the Republic of Turkey to the exporters, the reserves have been increased in the last year. $21.1 billion a contribution was made. With the condition of converting the exchanged currency into TL, rediscount credits are expected to contribute much more to the reserves and the value of the Turkish Lira in the 2022 fiscal year.

Finally, the amount of foreign currency deposits in rediscount credits to be received after August 1, 2022. 20% definitively converted into Turkish Lira to be needs. What do you think about the change made? Please do not forget to share your thoughts with us in the comments.