Changes in the application of securities facility from the Central Bank

The Central Bank of the Republic of Turkey has announced that it has changed the implementation instructions regarding securities facilities and decided that cash withdrawals and jewelry expenditures made with personal credit cards above a certain limit will be subject to a securities facility at a rate of 30 percent depending on the credit type. The Central Bank of the Republic of Turkey has published changes to the implementation instructions regarding securities facilities. In the statement made by the bank, it was stated that for those whose credit card limit is above a certain amount on a customer basis, it has been decided that cash withdrawals and jewelry expenditures made with individual credit cards will be subject to a securities facility at a rate of 30 percent depending on the credit type. In the statement, it was noted that the change in question will be valid for jewelry expenditures and cash withdrawals made as of May 16, 2023. It was announced that for commercial loans subject to securities facilities according to the credit type, other commercial loans and consumer loans are included according to the credit growth introduced, and it has been decided that securities equal to the loan amount whose growth rates are above 3 percent compared to the previous calculation date will be blocked for one year, separately on the basis of the determined credit types. The change in question will be valid as of the growth rate calculated according to the calculation date of April 28, 2023 on the calculation date of May 26, 2023. In the statement made by the TCMB, it was announced that accounts opened in return for physical gold will also be included in the numerator in the calculation of the TL conversion target given to banks. The TCMB announced that it was decided to include conversion accounts opened in return for physical gold, which do not exist as of March 31, 2023, in the application of securities facility according to the conversion rate, and to take into account the foreign currency deposit/participation fund account balances in US dollars, euros, and sterling gold that can be converted within the scope of the Communiqués published by the TCMB as of March 31, 2023 in the denominator. The changes in question will be valid as of April 1, 2023. The Central Bank of the Republic of Turkey stated that it was decided to exclude foreign currency deposits/participation funds from foreign currency deposits/participation funds taken into account within the scope of the temporary article 9 of the Communiqué and that the said change will be valid as of the calculation date of May 26, 2023.