For the First Time Since 2009, No Foreign Currency Acquired Through Export Rediscount Credits
In an unprecedented move, the Central Bank of Turkiye (CBRT) reported that it did not engage in any foreign exchange purchases through export rediscount credits in July, marking the first time this has occurred since data collection began in 2009. According to the latest data released on CBRT’s official website, while $103 million was acquired through this mechanism in June, the figure dropped to zero in July. Historically, the lowest recorded purchase was in February 2009, with a mere $70,000.
For the first half of this year, the total foreign exchange acquired through export rediscount credits amounted to $1.322 billion. These credits, repaid in foreign currency, typically bolster the Central Bank’s reserves upon maturity.
Source: Dunya.com / Prepared by Irem Yildiz
