According to the statement made by the CBRT, the terms of use and repayment of rediscount credits for export and foreign exchange earning services have changed as of October 1. The changes made in the rediscount credit conditions are as follows:
· Total rediscount credit limit was increased from 20 billion USD to 30 billion USD.
· 20 billion USD of this limit is reserved for loans to be extended through Türk Eximbank, and 10 billion USD is allocated for loans to be extended through other banks. The TRY equivalent of 5 billion USD of the total limit can also be used for a TRY rediscount loan.
· Loans will be extended to net exporting companies whose export amount is at least 10% more than the import amount in the last three years or the last one year.
· The maximum loan term has been reduced from 240 days to 180 days.
· The maximum commission rates that can be taken by intermediary banks will be 100bps.
We see that the fundamental changes in the regulation of rediscount credits are based on credit limit and maturity. The shortening of the maturity period as well as the extension limit of the rediscount credits will also form the basis of short-term reserve reinforcement in terms of the return speed of the credits. It is aimed to bring the payments forward in terms of the maturity period and to accelerate the flow to the reserves. It is also important how the practice will progress in terms of its functioning and payment mechanism. After all, it is necessary for exporting companies to comply with the principles. Therefore, it is possible to say that the rediscount credit arrangement is a reserve-supporting move. The contribution of rediscount credit repayments to foreign exchange reserves was 11.3 billion USD in the first 8 months. The annual contribution is expected to be 20.9 billion USD as of now, excluding new disbursements. It is seen that the Central Bank prioritizes reinforcement elements on the basis of SDR, swap agreements and rediscount credit repayments, and evaluates strategic reserve management elements, at the point of increasing its reserve resources.
Kaynak Enver Erkan Tera Yatırım
Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı