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Turkey's cenbank says forex rule won't burden exporters - sources

Thursday, January 6, 2022
Turkey's cenbank says forex rule won't burden exporters - sources © Reuters. FILE PHOTO: A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan

By Ceyda Caglayan

ISTANBUL (Reuters) - Turkish exporters have told the Central Bank they may struggle to meet a new requirement for them to sell 25% of their hard currency revenues to the bank and could also be left exposed to volatility in Turkey's lira, three exporters said.

They said they expressed their concerns about the regulation, announced this week to help authorities support the lira and replenish the bank's depleted reserves, in an online meeting with Central Bank governor Sahap Kavcioglu on Wednesday.

According to the exporters who spoke to Reuters, Kavcioglu told them that the lira, which lost 44% of its value last year and has fluctuated wildly in recent weeks, would now stabilise and the exporters should not be concerned.

Kavcioglu also told the exporters they could expect new credit lines from the central bank and state-controlled export bank Eximbank.

Asked about their account of the meeting, the Central Bank declined to comment.

Exporters who attended the meeting had said they were worried that the requirement to convert substantial amounts of money to lira, some of which would have to be switched back to foreign currency to pay costs, would bring risk.

"There was an expectation for an instrument similar to a forex rate guarantee for the 25% portion to be sold to the central bank," one of the exporters said, referencing a deposit-protection scheme unveiled for individuals last month.

"However, Kavcioglu said they expected a stabilization in the exchange rate... He said we wouldn't have a big loss when buying and selling."

"We were told at the meeting that we wouldn't face issues in finding forex" the same source added.

Turkey's lira has slumped since September when the Central Bank, under pressure from President Tayyip Erdogan to ease monetary policy, launched a series of interest rate cuts. Erdogan says the steps will promote exports, lending and growth.

Textile Exporters and Employees Association Chairman Ergin Aydin, who did not attend the meeting, said on Wednesday textile exporters would have a hard time meeting the requirement to convert 25% of revenues into lira, since the Turkish currency made up only 18% of their expenses.

The required conversion would hit profits, which have margins of 7-8%, he said. "It doesn't add up."

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17-01-2022 20:28:27 (UTC+7)

EUR/USD

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EUR/USD

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 EUR/USD1.1418↑ Buy
 GBP/USD1.3656Sell
 USD/JPY114.53Neutral
 AUD/USD0.7218↑ Buy
 USD/CAD1.2505↑ Sell
 EUR/JPY130.77Neutral
 EUR/CHF1.0429Neutral
 Gold1,819.40↑ Buy
 Silver23.078↑ Buy
 Copper4.4328↑ Buy
 Crude Oil WTI83.83↑ Buy
 Brent Oil86.66↑ Buy
 Natural Gas4.264↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,302.14↑ Sell
 S&P 5004,662.85↑ Buy
 DAX15,933.72↑ Sell
 FTSE 1007,611.23↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,161.55↑ Buy
 IBEX 358,838.70↑ Sell
 BASF68.140Neutral
 Bayer52.82↑ Buy
 Allianz227.05↑ Buy
 Adidas252.65↑ Buy
 Lufthansa7.241↑ Sell
 Siemens AG146.00Neutral
 Deutsche Bank AG12.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,147
SJC HCM6,110/ 6,170
(0/ 0) # 1,157
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,159
SJC Danang6,110/ 6,172
(0/ 0) # 1,159
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,159
SJC Cantho6,110/ 6,172
(0/ 0) # 1,159
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ↀ Giá vàng thế giới
$1,820.26+3.780.21%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$83.73-0.08-0.10%
Brent$86.08+0.020.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.550,0022.860,00
EUR25.268,1426.684,53
GBP30.226,5831.517,24
JPY192,39203,66
KRW16,5320,15
Cập nhật lúc 08:24:57 18/01/2022
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