Flexibility in the rules regarding the reporting of the Center’s currency position

The rules regarding the monthly reports of banks to the Central Bank (CBRT) on the exchange position of companies with a loan balance above a certain amount were relaxed.

According to the CBRT letter to banks dated yesterday, “The lower limit for total cash and non-cash loan balances at all domestic banks, which is used as the basis for determining which companies will be subject to reporting , has been increased from 5 million TL to 10 million TL”.

With the document, the notice period for the monthly summary FX position report was changed from “first 10 business days of the following month” to “last day of the following month.”

COMPANIES IN PROVINCES OF THE EARTHQUAKE EXCLUDED

The reporting obligation for companies with total cash and non-cash loan balances in all domestic banks between TL 10 million and TL 50 million has been postponed until January 2024.

In addition, companies located in seismic provinces were exempted from the obligation to report during the continuation of the state of emergency.

Finally, the CBRT extended the last reporting period of March and April 2023 to June 30, 2023 for companies with a total balance of cash and non-cash loans of TL 50 million or more in all banks. nationals.

On March 20, the CBRT introduced the easing of the information requirement on companies’ currency positions. (Reuters)