Simplification step from the Central Bank in monitoring foreign exchange positions

The Central Bank of the Republic of Turkey (TCMB) abolished Summary FX Position Reporting, and updated the scope of the Systemic Risk Data Monitoring System (SRVTS) in order to increase the scope of firms and the level of representation of firms in the national economy. The Regulation on the Amendment of the Regulation on the Procedures and Principles Regarding the Monitoring of Transactions Affecting FX Position of the TCMB by the Central Bank of the Republic of Turkey was published in the Official Gazette. Accordingly, the TCMB terminated the Summary FX Position Reporting application of firms with a total cash and non-cash loan balance of 10 million TL and above. The application, which was launched in March 2023, was postponed in July to December 31, 2023. Update made to the scope of SRVTS The Systemic Risk Data Monitoring System (SRVTS), which was established within the TCMB in 2018 and is the only data set in Turkey for monitoring changes in the FX position of the real sector and for impact analyses, has been updated. In order to determine the companies that will be included in the reporting scope in SRVTS, instead of a foreign currency loan liability of 15 million dollars and above, a total cash loan balance of 100 million TL and above or a net sales revenue/asset size of 500 million TL and above in the previous annual accounting period will be sought. Thus, the current detailed reporting format in SRVTS will be simplified and companies' reporting procedures will be facilitated.