Supply, Reuters
The Banking Regulation and Supervision Company (BRSA) elevated the tightening of loans to be prolonged to firms with overseas forex of their steadiness sheets or with optimistic money positions.
Accordingly, the FX place restrict, which was 15 million TL earlier than, was lowered to 10 million TL for firms that may use loans.
The credit score restrict utilized to firms whose “money place, whole property or 1-year internet gross sales income exceeds 10 p.c,” has been up to date as 5 p.c.
In June 2022, a rule was launched that firms with overseas forex over 15 million TL and their overseas forex money property exceeding 10 p.c of their steadiness sheet (property or internet gross sales) can not use TL loans. With the brand new regulation, these threshold values have been up to date as 10 million TL and 5 p.c.
Thus, the scope for companies that may use credit score was additional narrowed.
In keeping with the choice, new statements and commitments will probably be acquired from clients, efficient from 1 November.
The aforementioned software will proceed in its present kind in the course of the 1-31 October interval.
It was noteworthy that this new macroprudential measure by the BRSA, which is able to tighten the credit score market, got here after the Central Financial institution’s rate of interest reduce.
The CBRT lowered the one-week repo public sale fee, which is the coverage fee, from 12 p.c to 10.5 p.c.
Koç College College Member Prof. Dr. Selva Demiralp, in her assertion on Twitter, mentioned, “If the central financial institution reduce rates of interest to assist the economic system the day earlier than, why does the BRSA take measures to tighten credit the subsequent day? “Holding rates of interest low requires an increasing number of extra restrictions, and each new measure creates prices,” he mentioned.
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