Turkish central bank eases FX sale requirement for exporters
File photo shows entrance of Central Bank of Republic of Türkiye (CBRT) headquarters in Ankara, Türkiye. (AA Photo)
In line with its normalization steps, the Central Bank of the Republic of Türkiye (CBRT) has announced a reduction in the mandatory sale ratio of export revenues and foreign exchange-earning service revenues to the CBRT from 40% to 30%.
As part of ongoing normalization measures, the Export and Invisible Transactions Circulars have been updated.
Starting June 10, the Turkish central bank will lower the required sale portion of export proceeds and foreign exchange-earning service revenues sold to banks from 40% to 30%.
In April 2022, the CBRT increased the mandatory sale ratio for exporters to the central bank from 25% to 40%.
CBRT Governor Fatih Karahan recently mentioned during a presentation to the Turkish Grand National Assembly’s Planning and Budget Committee that the requirement for exporters to sell 40% of their foreign exchange revenues to the CBRT would continue, but the ratio could be reconsidered.
