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01:31
Türkiye's central bank doubles daily limits for rediscount credits to boost exports
STORY: Türkiye's central bank doubles daily limits for rediscount credits to boost exports
DATELINE: Sept. 13, 2023
LENGTH: 00:01:31
LOCATION: Ankara
CATEGORY: ECONOMY
SHOTLIST:
1. various of Turkish Central Bank
2. various of Turkish Lira and U.S. dollar
3. various of shipping trade in Türkiye (courtesy of Ihlas news agency)
4. various of Turkish Treasury and Finance Minister Mehmet Simsek
5. various of shipping trade in Türkiye (courtesy of Ihlas news agency)
6. various of Turkish Central Bank Governor Hafize Gaye Erkan
7. various of Turkish Central Bank
STORYLINE:
The Turkish Central Bank said on Tuesday it had raised daily limits of the banks for utilization of rediscount credits for export and foreign exchange earning services to 3 billion liras (111.5 million U.S. dollars) from 1.5 billion liras in a bid to boost exports.
"While extending rediscount credits, increase in the share of SMEs (small and medium enterprises) and export performance will be taken into account as has been the case," the central bank said in a statement.
In July, the bank decided to increase the limit for extending these loans to 1.5 billion liras from 300 million liras.
"We have increased the daily credit limit for our exporters by 10 times in a three-month period. This shows how serious we are about prioritizing exports," Turkish Treasury and Finance Minister Mehmet Simsek said on his social media account on X, formerly known as Twitter.
"For permanent prosperity increase, we need to make more export-oriented investments. By ensuring price stability in the medium term, we will ensure that our companies have access to subordinated loans in global markets," he added.
Meanwhile, Turkish Central Bank Governor Hafize Gaye Erkan said the bank prioritized access to financing for the exporters who contribute to the current account balance.
"We will continue to support practices to increase the share of SMEs in rediscount loans," she said in a statement.
On Monday, Türkiye's current account balance reversed from a 651 million U.S. dollars surplus in June to a deficit of 5.47 billion dollars in July.
Xinhua News Agency correspondents reporting from Ankara.
(XHTV)
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