In line with the expectations, the Central Bank cut the policy rate by 100 basis points to 14% annually.
After the Central Bank’s decision, a warning came from the BRSA to prevent the demand for cheap loans in banks from triggering dollarization.
The following statements were used in the warning made shortly before the BRSA;
“Our Institution has instructed the institutions under its supervision and control to establish the necessary controls at the maximum level so that the loans extended to individual or legal customers in Turkish Lira are not subject to transactions contrary to their purpose. Necessary investigations and evaluations continue within the scope of our instructions, and necessary administrative actions are taken regarding the detected violations.
This is not the first time a warning has been issued. The BRSA had previously issued a similar warning. In the warning updated on 30.11.2021, “cryptocurrency” was added to the methods of using the loans against the purpose.
When we look at the last statement, we understand that after the falling interest rates, the inspections for those who take out loans and crypto money will become more frequent.