Pursuant to the CBRT Regulations on Rediscount which were issued in the scope of Article 45 of the Central Bank Law, firms can obtain rediscount credits from the CBRT through intermediary banks with a maturity of maximum 240 days -360 days for exports of high-tech industrial products, exports to new markets and foreign exchange earning services- by presenting foreign exchange bills for rediscount.
Rediscount credits are extended to firms through intermediary banks in Turkish lira equivalent of the foreign currency amount specified in the bill, which is calculated over the exchange rate effective on the day that the credit is extended. As the repayments of these credits are made in foreign exchange, they help boost the CBRT foreign exchange reserves on the date of maturity. Rediscount credits are extended with maturities of predominantly eight months and partly four months and shorter. Accordingly, their contribution to reserves varies depending on these maturities.
The data on the contribution of rediscount credits to foreign exchange reserves starting from January 2009 are presented in this table and the provisional data of the last four months in this table will be updated weekly so as to reflect the effect of credit utilizations with shorter-than-4-month maturities on foreign exchange reserves.