CBRT took an important decision regarding rediscount loans that encourage exports.
With the changes it made in July, the CBRT, which eased the conditions for access to credit by removing conditions such as the 30 percent additional foreign exchange sales requirement and the advance foreign exchange sales requirement and increased the daily credit disbursement limit to 1.5 billion TL, has now increased the limit to 3 billion TL.
While the Central Bank continues to support exporters’ access to credit with its decision, it prioritizes increasing the share of SMEs in loans and exporters who contribute to the total export increase.
Despite the difficulties in export markets, CBRT incentive brought a record
Istanbul Chamber of Industry Turkey Manufacturing Sector Export Climate Index, which was 50.3 in July, decreased to 49.1 in August and was recorded below the 50.0 threshold value. Thus, the index pointed out that the conditions faced by exporters in European markets have become more difficult.
Despite the negativities faced by exporters in foreign markets, the highest August exports in history were achieved with the support of the CBRT’s rediscount loan.
The support provided to export performance with the Central Bank’s financing facility will continue to increase.
Rediscount credit usage, which was at an average of 300 million TL per day in April-May of this year, increased to an average of 1.5 billion TL per day following the CBRT’s limit increase decision on July 20. With the new decision of the CBRT, the use of rediscount loans is expected to reach 3 billion TL. Thus, the support provided to export performance through the Central Bank’s ease of financing will continue to increase.
It is stated that the Central Bank will continue to take the necessary steps with the feedback flow and proactive impact analyzes it provides from exporters.
CBRT President Hafize Gaye Erkan, in her meeting with business world representatives, said, “We continue to implement our road map with gradual and determined steps.” He used the expression.
Exports, which increased to 21 billion 619 million dollars in August, reached 164 billion 907 million dollars in the 8 months of the year.