Published On: Mon, Nov 6th, 2017

Turkish Exporters Union: Rediscount decision by Central Bank has made exporters happy

The rediscount arrangement decision announced by the Central Bank today has made Turkey’s exporters happy. Turkish Exporters Union (TIM) made a written statement in this regard saying “With this decision, we believe that volatility in the currencies will decrease and that our exporters will be able to look ahead more easily in the future.”

It has also been shared by TIM that exporters consider currency rate risk as the top challenge they have faced for a while which consequently causes unhealthy price developments in the market.

TIM also explained the decision taken by the Central Bank regarding this issue had made exporters happy because thanks to the decision made by CBRT it would be possible to make payments for rediscount credits for export and foreign exchange earning services due until 1 February 2018 in Turkish Lira using the rates of be 3.7 for the US dollar, 4.3 for the Euro and 48 for the British Sterling, provided rediscount credits are paid on the loan’s terms. Moreover, in case rates on the date of disbursement are higher than fixed rates, disbursement rate will be used to be in favor of the exporters.

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