Financial facelift: Economy chief Simsek reveals market efficiency steps
Finance Minister Mehmet Simsek delivers a speech at the “Climate Economy Sustainability Finance Summit” in Istanbul, Türkiye, June 7, 2024. (AA Photo)
Türkiye continues to simplify its macroprudential framework as macrofinancial stability and reserves strengthen, Treasury and Finance Ministry Mehmet Simsek said on Saturday.
He noted on his social media post that in November, Türkiye reduced the foreign exchange sales obligation to the central bank from 70% to 40% for exporters using rediscount credits.
With the new regulation, we reduced the sales obligation for all export proceeds and foreign currency-earning service revenues from 40% to 30%,
Treasury and Finance Minister Mehmet Simsek
He added that the country’s simplification steps will continue to ensure that the markets function more effectively.
