The ban on foreign currency payments confuses the market

The obligation to pay with TL, which came to the sale of securities, caused reactions in sectors where import commodity rates were high. Interpreting the decision as a ‘controlled economy’, market actors argue that the application will cause bureaucratic time losses, currency risks and extra bank commissions to be paid in the relevant sectors.

The fact that the economic management has imposed an obligation to pay TL for the sale of securities as part of the fight against dollarization in the market has confused the market. The Ministry of Treasury and Finance felt the need to make a statement yesterday about the decision, especially as reactions from foreign exchange-indexed commodity-intensive sectors rose. Although the statement that “the payment of foreign currency checks signed before the decision can again be realized in foreign currency” relieved those who have foreign currency checks in their hands, it did not satisfy them in general. While the decision is perceived as a controlled economy in the market, it is pointed out that such intervention in the free market is not feasible.

APPLICATION MMAY CAUSE EXTRA BURDEN AND RISKS ON THE SECTOR

It is noted that the application will cause bureaucratic time losses, foreign currency risk and extra commissions to be paid in supply procedure in the sectors of raw materials and product use supply items denominated in foreign currencies. The fact that the legal disputes between the buyer and the seller will increase and the risk of deceleration of trade makes market actors nervous.