Berat, Albarakati: Murad Sezer / Reuters
The Turkish government demanded from exporters to transfer a large part of foreign currency earnings into Lira to support the national currency. This is stated in the decree of the Cabinet of Ministers, reports Reuters.
Now exporters must convert into Lira 80 percent of the proceeds, the document says. They have 180 days from the date the funds are credited to the account. This measure will operate the next six months, after which the authorities will consider the possibility of extension.
The Minister of Finance Berat Albayrak had already held a meeting with the leading exporters, after which he promised to consider their basic requirements.
The interviewed economists note that this approach may adversely affect companies that purchase raw materials abroad or having foreign currency debt. “A problem will arise when the date of repayment or you need to buy raw materials for foreign currency”, — said the representative of the Union of chambers and commodity exchanges of Turkey seref Fiat.
Another source estimated that the implementation of the requirements of the government will cost the exporters up to 3-4 billion dollars in the next six months.
The Turkish Lira weakened sharply in August amid the conflict with the United States. Washington demanded Ankara to give pastor Andrew Brunson is accused of organizing a coup. In response to the refusal of the United States imposed duties on Turkish aluminium. Since the beginning of the year, the Lira has lost more than 40 percent of its value.
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