the central bankcommercial from credit A step has been taken to lower interest rates. According to the decision, banks will make commercial loans interest They will establish securities according to the coefficient brought for their rates. According to the determined coefficients, it will be difficult for banks to give interest above 30 percent on commercial loans.
After the Central Bank’s surprise cut in the policy rate on Thursday, new decisions came at midnight yesterday. It is stated that with the decisions taken by the Central Bank, the convergence of loan rates to the Central Bank interest rates is aimed. Making a statement at night after the decisions published in the Official Gazette, the Central Bank said, “In the announcement of the Monetary Policy Committee dated August 18, 2022, the growth rate of loans and the meeting of the financing resources reached with economic activity in line with their purpose are closely followed, and that the policy-loan interest rate gap, which has opened significantly recently, has been closely monitored. stated that it reduces the effectiveness of monetary transfer”.
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OVER 30 PERCENT DIFFICULT
According to the communiqué on the Establishment of Turkish Lira Securities for Foreign Currency Liabilities, which was published in the Official Gazette yesterday; 20 percent of the loan amount to be extended with an annual compound interest rate 1.4 times higher than the annual compound reference rate published by the Central Bank, and 90 percent of the loan amount to be extended with an annual compound interest rate of 1.8 times, for commercial loans to be extended from the date of publication of the communiqué until the end of 2022. securities will be established.
The compound annual interest rate is currently 16.32 percent. Securities up to 20 percent for commercial loans with an interest rate exceeding 22.85%, and 90 percent of the loan amount for loans exceeding 29.38 percent will be established. In this case, if the banks want to extend a loan with an interest rate above 29.38 percent, 90 percent of the loan amount will be blocked at the Central Bank. According to the statement made by the Central Bank, it was stated that the required reserve facility, which is applied at the level of 20 percent for loans subject to required reserves, should be replaced by a 30 percent security facility for banks in order to increase the efficiency of the application. As of December 30, 2022, it was decided to establish a security for one year, equal to the loan amount exceeding the loan growth rate of 10 percent compared to July 29, 2022.
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‘SPENDING’ CONDITION HAS ARRIVED
In the statement of the Central Bank, it was stated that it was decided that the excluded credit types would be subject to the establishment of securities if they are not used against expenditure. Loan types other than these regulations can only be used against expenditures. This decision also uses credit. foreign currency It is presumed that it was taken to prevent taking it.
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