TİM Chairman Mustafa Gültepe evaluated the Central Bank's Decision to Increase Rediscount Credit Limit:
We Will Focus More on Production and Export Instead of Wasting Time on Financing
Mustafa Gültepe stated, "We find it very appropriate that conditions such as the removal of additional foreign exchange sales and advance foreign exchange sales requirements have been eliminated with the new regulation. This initiates a process where SMEs receive a larger share of loans, and high-performing exporters are prioritized."
The decision of the Central Bank of Türkiye (CBRT) to double the daily limit for banks on rediscount credits from 1.5 billion TL to 3 billion TL has been warmly welcomed by exporters. Mustafa Gültepe, Chairman of the Türkiye Exporters Assembly (TİM), stated that with the increase in rediscount credit limits, a significant obstacle has been overcome, and they can now focus more on production and export.
Mustafa Gültepe, in his statement regarding the matter, reminded that exporters have been facing difficulties in accessing financing under favorable conditions for a long time. Gültepe pointed out that the new economic administration, which prioritizes access to financing for exporters, has taken important steps in this regard. He stated:
"The process began with the provision of an additional 70 billion TL in support for exporters in Eximbank loans. However, what was most important for us was the Central Bank's decision to increase the daily limit for banks on rediscount credits. Indeed, on July 20th, the rediscount credit limit was increased by 5 times, from 300 million TL to 1.5 billion TL. Today, the rediscount credit limits have been raised to 3 billion TL, which is a two-fold increase compared to just a month and a half ago when the daily rediscount credit limit was only 300 million TL. We also find it very appropriate that conditions such as the removal of additional foreign exchange sales and advance foreign exchange sales requirements have been eliminated with the new regulation. This initiates a process where SMEs receive a larger share of loans, and high-performing exporters are prioritized. Of course, behind all these decisions, there is consultation and collective wisdom. During this process, we had very fruitful discussions with our Central Bank Governor Hafize Gaye Erkan. I thank her for the support she provides to our exporters and the facilities she offers. By increasing the rediscount credit limits, we are overcoming a significant problem. This will allow our exporters to focus more on production and exports instead of wasting time searching for financing."
Mustafa Gültepe added that the Central Bank's regulations regarding access to financing will also have positive impacts on Türkiye's total exports.
ERKAN: WE PRİORİTİZE EXPORTERS' ACCESS TO FİNANCİNG
Central Bank Governor Hafize Gaye Erkan, in her statement about the regulation on rediscount credits, stated the following:
"As we implement our roadmap with determination, which includes selective credit tightening for the rapid establishment of disinflation, we prioritize exporters, who contribute to the current account balance, in accessing financing. We will continue to implement supportive practices to increase the share of SMEs in rediscount credits, which significantly contribute to employment and export growth."