15.11.2023/91
Effective from January 1, 2024, the Systemic Risk Data Monitoring System notification obligation has been updated to cover firms with a total cash loan balance of TL 100 million or more as of the last business day of the relevant monthly accounting period and firms with a net sales revenue or asset size of TL 500 million or more in the previous one-year accounting period.
With the “Regulation Amending the Regulation on the Procedures and Principles Regarding the Monitoring of Transactions Affecting the Foreign Exchange Position by the Central Bank of the Republic of Turkey” published in the Official Gazette No. 32363 dated 8 November 2023, simplification and scope changes were made in the foreign exchange position reporting that firms are obliged to make to the Central Bank regarding their foreign exchange assets and liabilities within the scope of Article 44 of the Central Bank of the Republic of Turkey Law No. 1211, which was revised with the Law No. 7061 dated 28 November 2017. Within the scope of the regulation, the Summary Foreign Exchange Position Reporting practice, which was initiated in March 2023, was terminated for firms with a total cash and non-cash loan balance of TL 10 million or more.
In addition, the scope of FX position reporting under the Systemic Risk Data Monitoring System, which has been in place since 2018, has been revised. Accordingly, the requirement of having a foreign currency loan liability of USD 15 million or more, which was stipulated in the determination of the firms to be included in the reporting scope, has been changed as having a total cash loan balance of TL 100 million or more as of the last business day of the relevant monthly accounting period or having a net sales revenue or asset size of TL 500 million or more in the previous one-year accounting period.
The implementation will start from the January 2024 reporting period, and companies with a credit balance of USD 15 million or more will continue to report their 2023 reports in accordance with the current regulation.
The current version of the Regulation on the Procedures and Principles Regarding the Monitoring of Transactions Affecting the Foreign Exchange Position by the Central Bank of the Republic of Turkey is available here.
Sincerely,
BİLGENER
