7,855.06 TL BIST 100 BIST 100
28.92 $ USD USD
€31.16 EUR EUR
38.38 TL Interest Interest
74.67 $ Fossil Oil Fossil Oil
23.80 $ Silver Silver
3.75 $ Copper Copper
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1,883.86 TL Gold (gr) Gold (gr)

Selective credit and quantitative tightening steps from the Central Bank

The new regulations of the Central Bank of the Republic of Türkiye (TCMB) within the scope of selective credit and quantitative tightening steps came into effect after being published in the Official Gazette.

Selective credit and quantitative tightening steps from the Central Bank

Accordingly, export and investment loans and loans to the earthquake zone were excluded from all measures of the Central Bank to limit loans.

As a complement to the steps supporting the tightening process, it has been decided to set the monthly growth limit of 2.5 percent for TL commercial loans, which is 3 percent within the scope of the security facility, according to the credit growth.

Export, investment, agricultural and artisan credits were excluded from this limitation.

In order to increase the functionality of the market mechanism, the application of security establishment according to the interest rate has been simplified. Accordingly, the first tier will be abolished for TL commercial loans, excluding export and investment loans, and the interest limit will be applied as a single tier.

No change in consumer loans

In order to support the efficient use of financial resources, it was decided to set the growth limit of 3 percent in vehicle loans as 2 percent, and to maintain the 3 percent limit in consumer loans without making any changes.

Decisions on inflation control and balancing domestic demand are in effect

In addition, within the scope of controlling inflation and balancing domestic demand, the monthly maximum interest rate applied to credit card cash usage and overdraft accounts was increased to 2.89 percent.

The said rate will be published on the official website of the Central Bank on July 25 and will be effective as of August 1, 2023.

Export support was increased by facilitating exporters' access to finance

The Central Bank also announced the decisions it took to support exporters' access to finance and to increase export support.

Accordingly, the daily limit of rediscount credits was increased to TL 1.5 billion.

It was decided to increase the share of SMEs in rediscount credits and to take into account the export growth performance in disbursement.

As part of the simplification process, access conditions to rediscount credits were eased. The condition of selling an additional 30 percent export price in the use of rediscount credits has been removed.

Foreign exchange purchases within the scope of import payments were excluded from the commitment not to buy foreign currency during the rediscount credit term.


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