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CBRT: Forward exchange rate for exporters and importers

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The Central Bank of the Republic of Turkey will make Turkish lira-settled foreign exchange forward sales via auction and on the Borsa Istanbul Futures Market. According to this;

 

·        Turkish lira-settled forward foreign exchange selling auctions with a maturity of 1 month and 3 months will be held.

·        The auction schedule will be announced later and companies will be able to participate in the auction through banks.

·        Firms engaged in imports and exports will be able to submit their forward foreign exchange purchase requests to the Foreign Exchange Markets Department through banks.

 

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In forward trade contracts, medium and large-scale exporters and importers use forward rates and option contracts for forward-looking exchange rate determination and risk management. Recently, it has become impossible to do business in the last exchange rate axis due to the very high and extremely volatile exchange rates. It is aimed to eliminate the exchange rate uncertainty and to provide convenience in price provision, thanks to the use of prices determined by the forward rate to be given to exporters and importers.

 

According to this; Export or import transactions will be carried out according to the 1-month or 3-month rates determined in the futures exchange. According to the contract, for example, if you need to determine a rate for a 1-month maturity, a 1-month forward rate will be used, or if you need to determine a rate for a 3-month maturity, a 3-month forward rate will be used. In the period of high volatility, prices could not be given because using the latest exchange rate created serious uncertainty. The use of the aforementioned forward exchange rate is also important in terms of machinery purchase, customs costs or raw material supply. Because they also need foreign currency. It is very important to be able to determine the exchange rate in 1-month or 3-month periods in terms of both using the required foreign currency and making collections in the future.

 

We evaluate it positively in terms of eliminating the uncertainties created by the recent exchange rate volatility within the framework of economic decisions. The use of the last spot exchange rate created serious difficulties in price determination due to uncertainty due to market movements and changes in interest rates. In terms of the continuity of commercial life, it is important to be able to determine and fix the exchange rate in the future. This is necessary in terms of managing the risks arising from exchange rates. It is important that not only medium and large-scale companies but also smaller-scale companies can benefit from the forward exchange rate application. At the same time, the compatibility of maturity, payment and collection periods should be taken into Marmaris escort account in the use of forward exchange rates to be obtained with the auction schedule. At this point, we will have the chance to see the forward rate usage trends of the companies within the framework of the auction schedule to be shared with the public.

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