CBRT simplification step

The Regulation Amending the Regulation on the Procedures and Principles Concerning the Monitoring of Transactions Affecting the Foreign Exchange Position of the Central Bank of the Republic of Turkey (CBRT) by the Central Bank of the Republic of Turkey was published in the Official Gazette.

Accordingly, the CBRT ended the practice of summary reporting the foreign exchange position of companies with a total balance of cash and non-cash loans of 10 million TL or more.

The application, which was launched in March 2023, has been postponed until December 31, 2023 in July.

UPDATE UNDER SRVTS

The scope of the SRVTS, which was established within the CBRT in 2018 and is the only data set in Turkey to monitor and analyze the impact of changes in the exchange position of the real sector, has been updated.

To determine the companies that will be within the scope of reporting in SRVTS, instead of a foreign currency loan liability of 15 million dollars or more, a total cash loan balance of 100 million TL or more or a volume of net income/assets 500 million TL or more will be required in the previous accounting period.

This will simplify the existing detailed reporting format in SRVTS and facilitate companies’ reporting processes. (AA)