The Central Bank of the Republic of Turkiye (CBRT) announced that refinancing or an increase in the interest/profit share ratio of the loan under a different name will not be accepted as a new loan extension.
In the letter sent to the banks regarding the changes made by the CBRT in the implementation instruction regarding the securities establishment, it was stated that the banks will determine the net export status of the companies by using the export and import amounts of the previous year as of the beginning of the year following the annual accounting period.
In the article the following was stated, “In this case, the export and import amounts of the companies are included in the previous year, and the old export and import amounts belonging to the third year are not taken into account. If requested by the company, the export and import amounts of the current financial year can be included in the calculation. In this case, the old export and import amounts belonging to the third fiscal year are not taken into account. The calculations regarding the net export status of the companies are updated by the banks until the last business day of the fourth month every year at the latest. Current net export information shall be taken as basis for loan applications to be made after this date. At the request of the firm, the net exporter status of the firm can be re-determined by the bank once every 3 months.”
With the amendment made, the TL conversion rate limit applied as 60% in the balance sheets of banks was reduced to 57%, and the 5-point discounted clause was removed from the instruction for banks between 60% and 70%, it has been reported that the security establishment rate will be applied with an increase of 7 points for banks whose share is below 57% of the shares calculated for real and legal persons, and with a discount of 2 points for banks with 70% and above.
In the article, “Increased and reduced rates in this paragraph are applied separately for real and legal persons, taking into account the higher of the Turkish lira shares calculated as of the relevant calculation date and the previous calculation date.”
Refinancing or an increase in the interest/profit share rate of the loan under a different name is considered as a new loan extension. If only the interest/profit share rate is discounted without the use of additional loans and without delaying the maturity of the loan, it will not be considered as a new loan” statement has been removed from the instruction. The statement that defense industry companies must present to the intermediary bank the document “indicating that they are members of the Defense and Aviation Industry Manufacturers Association in order to encourage that they operate in the defense industry sector” was also removed from the instruction.
Source: AA / Prepared by Irem Yildiz