YAZARLARIMIZ
Evren Özmen
Serbest Muhasebeci Mali Müşavir
Bilirkişi
evrenozmen@ozmconsultancy.com
www.kooperatiflerkanunu.com



Turkish Bank Regulator Bans Lira Loans to Some Firms

Turkey limits lira loans for firms holding foreign exchange

With the decision dated 24.06.2022 published by the Banking Regulation and Supervision Agency, some restrictive regulations were introduced regarding the Turkish lira loans by firms holding foreign exchange more than 15 million Turkish lira

Recent development

According to the press release of Banking Regulation and Supervision Agency despite some companies do not have foreign currency debt or foreign currency liabilities and even have an excess foreign currency position, they purchase foreign currency using TL loans instead of investment or reduce employment.

Guidelines of scope of regulation. Which companies are within the scope of regulation ?

In order for any company to be within the scope of this Decision, the following three conditions must be met:

  • Being a company that is within the scope of the obligation to have an independent audit
  • The company’s FX cash assets (including gold) effective foreign currency and The TL equivalent of the FX deposits is over TL 15 million,
  • TL equivalent of the company’s FX cash assets are exceeds ten percent of total assets or net sales revenue of last year

If a company has less than 15 million Try equivalent foreign exchange these companies can apply for a TL loan but they have to sign a commitment for not holding foreign exchange of more than 15 million until the end of credit payment installations

Conclusion

According to some economists, Turkey is no longer a free market economy due to these restrictive regulations. Local and foreign companies will be reluctant to be in the Turkish market because of unprecedented and instant regulations

27.06.2022

Kaynak: www.MuhasebeTR.com
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