13.04.2023/54
The Central Bank of the Republic of Turkey has made some amendments to the scope and duration of the Summary Foreign Exchange Position Report Notification Obligation to be fulfilled by Legal Entities with a Credit Balance of TL 5 Million or more with Banks.
The Central Bank of the Republic of Turkey sent a letter dated 12.04.2023 and numbered E-TCMB.80372040-010.07.01-731 to the general directorates of banks “About the Summary Foreign Exchange Position Report”information letter on the subject has been sent.
With the aforementioned letter “Summary Foreign Exchange Position Report Notification Obligation”As a result of the feedback received, the following changes have been made to the scope and duration of this reporting in order to facilitate the transition process:
1) Companies headquartered in earthquake provinces where a state of emergency has been declared are exempted from the reporting obligation for the duration of the state of emergency.
2) The total cash and non-cash loan balance limit at all domestic banks, which is taken as a basis for determining the companies to be included in the scope of the reporting obligation, was increased from TL 5 million to TL 10 million.
3) The notification period for the monthly summary FX position report has been changed from “the first 10 business days of the following month” to “the last day of the following month“. Also:
a) The reporting obligation of firms with a total cash and non-cash loan balance between TL 10 million and TL 50 million at all domestic banks has been postponed to start with the report for January 2024.
b) For firms with a total cash and non-cash loan balance of TL 50 million or more at all domestic banks, the latest reporting deadline for March and April 2023 has been extended to June 30, 2023.
The relevant letter is attached to our Circular
Frequently asked questions and the summary position report data form can be found here.
Sincerely,
BİLGENER
