Rediscount Credits' Contribution to FX Reserves

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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 720 days 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.

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 eight months in this table will be updated weekly.

Rediscount Credits' Contribution to FX Reserves