Information Note on the Regulation of Summary Foreign Exchange Position Reporting Practice

In the Official Gazette dated November 8, 2023, 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 Türkiye” was published. This regulation aimed to streamline and expand the scope of the foreign exchange position reporting that organizations are required to provide to the Central Bank with respect to their foreign exchange liabilities and assets.

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.

Nevertheless, to increase the representation of firms in the national economy, the extent of FX position reporting within the Systemic Risk Data Monitoring System, which has been in effect since 2018, has been reorganized.

As a result, the criterion for firms to be included in the scope of reporting, which previously required a foreign currency loan liability of USD 15 million or more, has been modified to require a total cash loan balance of TL 100 million or greater as of the last business day of the applicable monthly accounting period, or a net sales revenue or asset size of TL 500 million or greater in the preceding one-year accounting period.

You can access the Regulation mentioned in this information note from the attached link;

·         https://www.resmigazete.gov.tr/eskiler/2023/11/20231108-4.htm

For your information,

Sincerely.