Minister of Trade Bolat's statement regarding the increase in daily limits for rediscount credits

In a post on his social media account, Trade Minister Ömer Bolat commented on the Central Bank of the Republic of Turkey (CBRT)'s decision to increase the daily limits of rediscount credits.

Bolat stated that the Ministry is intensively working to support exporters and expand their access to financing in coordination with all relevant state institutions and organizations, and emphasized that rediscount credits are one of the most effective tools for meeting exporters' financing needs.

Bolat reminded that with the changes made by the Central Bank of the Republic of Turkey (CBRT) to the rediscount loans offered through Türk Eximbank and other banks, a new formula was previously determined for calculating interest rates, thus ensuring that these loans are offered at advantageous rates below the Central Bank's policy interest rate.

Bolat emphasized that the interest cost of export rediscount credits was reduced to 24.89 percent following the recent policy rate cut on October 23rd. He added, "On the other hand, to ensure that rediscount credits, one of the most effective tools for meeting the financing needs of our exporters, reach a wider range of exporters, the credit volume in question has been gradually increased in line with needs."

Bolat reminded that the daily limit of rediscount credits, which was previously 300 million lira, was first increased to 1.5 billion lira and then to 3 billion and 4 billion lira, respectively.

Bolat stated that the limit in question was increased to 4.5 billion lira per day, effective November 1, within the framework of the regulations made by the Central Bank of the Republic of Turkey (CBRT), and noted the following:

Contributing to the export competitiveness of these sectors by allocating a significant portion of this amount to labor-intensive sectors will be one of our priorities. Therefore, we will continue to support the development of our exporters, especially by diversifying our financing opportunities, and to implement policies and practices that will enhance the competitiveness of our companies in international markets.