CENTRAL BANK TO TRACK FX DEBTS OF COMPANIES

Deputy Prime Minister Mehmet Şimşek said that the Central Bank of the Republic of Turkey (CRBT) has started collecting data with the new follow-up that has been created to follow companies' foreign exchange debts. He said, "The data of approximately 110 companies, which have about 23 percent of the foreign debts in Turkey, will be collected within a month."

Speaking to Anadolu Agency (AA), Şimşek said that individuals were prohibited from borrowing in foreign currencies after the 2008 global economic crisis in an attempt to protect households and consumers against exchange rate risks.

Emphasizing that the management of the real sector exchange rate is also a serious issue, Şimsek said that it is important for Turkey to take additional measures against exchange rate volatility in an environment with ongoing uncertainties in the global economy.

Pointing out the importance of determining how much foreign exchange debt companies have in taking measures and making the necessary regulations, Şimşek said that the "systemic risk data follow-up model" was created by the central bank in order to create healthy surveillance ability against exchange rate risk in the real sector.

Şimsek further noted that the pilot schemes were actualized after the completion of certain infrastructure works, adding that the CRBT has begun collecting data on companies in a new and improved format within the framework of the model that was created to monitor the real sector's foreign currency positions in a more comprehensive and reasonable frequency range.

Şimşek stated that the CRBT plans to collect the data of about 110 companies, which constitute 23 percent of the total foreign currency debt, within a month, stressing that some 2,000 companies will be taken into the scope of the study and the detailed data set of nearly 83 percent of total foreign currency debts will be followed as a result of the analysis of the obtained data.

 

DETAY HABER
13.04.2017  



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