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New restriction by BRSA on TRY transactions

In response to the slowdown of economic growth in Turkey due to Covid-19 Outbreak, Banking Regulation and Supervision Agency of Turkey (“BRSA”) introduced new restrictions on Turkish banks’ TRY transactions with foreign financial institutions (“FFI”) so that BRSA aims to enable the use of TRY resources efficiently in Turkey. This way, financing needs of public and private real sector in Turkey will be covered more efficiently which will also have a positive impact on the recent employment and production challenges of the same sector.

On 5 May 2020, BRSA, with its decision numbered 9010, decided to limit the sum of TRY placements, TRY reserves, TRY repo and TRY loan transactions that Turkish banks (including such banks’ foreign branches and consolidated foreign partnerships in the form of credit or financial institutions on abroad) engage with FFIs, to 0,5 percent (0.5%) of the respective bank’s most recently calculated equity. With the same decision, BRSA requires this rate to be calculated on a solo and daily basis and restricts the renewal of maturity dates of the existing transactions and execution of any new transactions that are within the scope of the above restriction until the day the TRY resources are maintained as required.

This new restriction will be effective until the day the exceptional circumstances of Covid-19 pandemic are no more existing.

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