The Regulation published in Official Gazette No. 32363 of 8 November 2023 simplified and changed the scope of the foreign currency position reporting companies must make to the Central Bank.
Under the “Regulation Amending the Regulation on the Procedures and Principles for the Monitoring by the Central Bank of the Republic of Türkiye of Transactions Affecting the Foreign Currency Position”, published in Official Gazette No. 32363 of 8 November 2023, the foreign currency position reporting that companies are required to make to the Central Bank in respect of their foreign currency assets and liabilities, under Article 44 of Central Bank of the Republic of Türkiye Law No. 1211 as redrafted by Law No. 7061 of 28 November 2017, has been simplified and its scope changed.
Under the new rules, the Summary Foreign Currency Position Reporting introduced in March 2023 and required from companies with total cash and non-cash loan balances of TRY 10 million or more has been discontinued.
At the same time, the range of companies covered by the foreign currency position reporting under the Systemic Risk Data Tracking System, in force since 2018, has been redrafted in order to increase the level of representation of those companies within the national economy.
Accordingly, the condition of having foreign currency loan liabilities of USD 15 million or more for determining the companies within the scope of reporting has been changed to having a total cash loan balance of TRY 100 million or more as at the last business day of the relevant monthly accounting period, or net sales revenue or total assets of TRY 500 million or more in the preceding one-year accounting period.
The Regulation published in Official Gazette No. 32363 of 8 November 2023 can be accessed at the link below. https://www.resmigazete.gov.tr/eskiler/2023/11/20231108-4.htm