New step from BDDK to support financial stability pulls down dollar TL rate

The Banking Regulation and Supervision Agency (BDDK) has decided to take coordinated steps to ensure the effective functioning of the credit system. Companies whose TL equivalent of their foreign currency assets does not exceed TL 15 million will be able to be granted loans provided that they do not increase their foreign currency assets above TL 15 million. After the decision, the Dollar/TL exchange rate fell by close to 3 percent to below 17 TL.

Accordingly, companies other than banks and financial institutions subject to independent audit will not be allowed to use new commercial credit in case TL equivalent of their foreign currency cash assets (including gold and foreign currency deposits in banks effective exchange) is above TL 15 million  on credit application date and their foreign currency-cash assets according to the most recent financial statements exceeds 10 percent of their total assets or net sales for the past 1 year.

The application will be in force after the decision date and will be valid until a Board decision to the contrary is taken.

DOLLAR/TL SEES BELOW 17 TL AFTER THE DECISION

After the decision taken by BDKK, the exchange rate decreased by up to 3 percent and tested below the 17 level. The exchange rate had seen above 17.37 in the day.