New decision on BRSA loans

In the BRSA statement, as is known, the decision of the Board of Directors of July 7, 2022 and number 10265 was considered necessary as a macroprudential measure to strengthen financial stability, use resources in more efficient and productive areas and ensure that the credit system works effectively and that the loans are used according to their purpose, it was recalled that said decision was updated with the decision of the Board of Directors No. 10389 of October 21, 2022.

DECIDED TO REMOVE

Under the aforementioned decisions, foreign currency (FX) cash assets of companies subject to independent audit must have a Turkish lira (TL) equivalent of more than TL 10 million and the percentage of assets in cash in foreign currency of these Companies must be greater than their total assets or net sales revenue for the last year. Recalling that it was decided not to grant a new commercial cash loan in TL to these companies in case of exceeding 5, the following was stated in the statement. :

*As a result of the evaluations carried out, in accordance with said decisions; The companies whose use of credit is restricted due to not presenting the documents on time or in due form must certify that their situation on the dates of the loan does not infringe the limitations determined in the scope of the aforementioned Council resolutions or that they are not subject to to independent audit;

*Businesses whose use of credit has been restricted for failure to comply with specified limitations or for their misrepresentation that they are not subject to independent audit are subject to credit allocation restrictions determined in accordance with Board decisions, provided they have eliminated the aforementioned contradictions in the current situation, they declare and undertake to comply with the determined restrictions, and document these conditions, it was decided to eliminate it for the companies in question.