In the statement made by the BRSA, as it is known, the Board decision dated 7 July 2022 and numbered 10265 was deemed necessary as a macroprudential measure in order to strengthen financial stability and to use resources in more efficient and productive areas, to ensure that the credit system works effectively and that the loans are used in line with their purpose. It was reminded that the said decision was updated with the Board decision numbered 10389 dated 21 October 2022.
Within the scope of the aforementioned resolutions, the foreign currency (FX) cash assets of the companies that are currently subject to independent audit must have a Turkish lira (TL) equivalent of more than 10 million TL and the percentage of the FX cash assets of these companies, which is greater than their total assets or the last 1-year net sales revenue. Reminding that it was decided not to extend a new cash commercial loan in TL to these companies in case of more than 5, the following was noted in the statement:
“As a result of the evaluations made, pursuant to the aforementioned decisions, companies whose credit utilization is restricted due to the failure to deliver the documents in due time or duly must certify that their situation is not in violation of the limitations determined within the scope of the aforementioned Board decisions, or that they are not subject to independent auditing, as of the dates of loan disbursement; failure to comply with the specified limitations. The credit extension restrictions determined in accordance with the Board decisions are lifted for the companies in question, provided that the companies whose credit usage is restricted due to false statements that they are not subject to independent audit or that they are not subject to independent auditing, have already eliminated the aforementioned contradictions, declare and undertake that they will comply with the determined restrictions and document these situations. decided.”