Mehmet Büyükekşi's Comments on Recent CBRT Precautions

Mehmet Büyükekşi, Chairman of Turkish Exporters' Assembly (TİM) stated that the recent measures taken by the Central Bank of the Republic of Turkey (CBRT) are quite positive for the 67,000 exporters.

The Chairman also told that the recent steps taken by both CBRT and Turkish Eximbank will help not only the exporters but the whole real sector.

Büyükekşi also added;

“Recently, CBRT stated that the repayments of rediscount credits for export and foreign exchange earning services, which will be due by 1 February 2018, can be made in Turkish liras at a fixed exchange rate. Following this statement, Eximbank started forward contracts, and CBRT announced that a new tool will come into service in order to manage the currency risk of the real sector. These three developments are of utmost importance for us.

In our “Exporters' Tendencies Surveys” volatility of exchange rates comes up as one of the main problems of Turkish exporters. With these precautions, the cost of hedging the currency risk will be minimized. However, the firms should be willing towards using these instruments. As TİM, we will continue to inform Turkish companies about these new developments.”