The exporter wants a sectoral rate in the obligatory sales of currencies in the Center

Merve YİĞİTCAN

The ratio of the exporter’s obligation to exchange the export currency is expected to increase from 25% to 40%. With a decision taken in January, 25% of foreign currency earned through exports was made compulsory to be sold to the Central Bank. It is said that this rate will be increased to 40% with a settlement that should be taken in the coming days. It was learned that preparations have been made for the new rate, which was put on the agenda of the meeting, which was attended by Central Bank President Şahap Kavcıoğlu, TİM Chairman İsmail Gülle and chiefs of some exporter unions the day before. The said study has generated reactions, especially in sectors with high foreign currency debt. While the exporters argue that the rate of exchange obligation should be determined specifically for each sector, he also points out that a timetable should be announced so that companies which plan the cash flow according to the obligation of 25% prepare for the process.

ÖKSUZ: WE WILL BREAK AND BUY IT AGAIN

Ahmet Öksüz, Chairman of Istanbul Textile and Commodity Exporters Association (İTHİB), said the exporter should decide how to value their own foreign currency and said: “There comes a time when we may have to -be to use them all in foreign currency. for the payment of raw materials.” Expressing that they do not approve of the system as exporters, Öksüz said: “No one can pay abroad in TL. The exporter will have to exchange 40% and buy from foreign currencies again. On the one hand, he will again demand what he exchanged. This is not a solution since we will have to pay for foreign imports in foreign currencies. Exporters must use foreign currencies”, a- he said.Underlining that the textile industry is a sector that produces high value-added products, Öksüz said: “We may be less affected than many other sectors, but there are sectors that operate entirely with imported inputs, which will put them in a much more difficult situation. situation.”

KILECI: EXPORTERS WITH HIGH STRESS FOR USE ABROAD

Fikret Kileci, president of the Associations of Exporters of Southeast Anatolia (GAIB), also noted that net exporters were not harmed by the foreign exchange requirement, but that it resulted in significant costs for the sectors. whose use of foreign currencies reached 90%. Kileci said, “Such a decision was taken because of the country’s foreign exchange reserves. Of course, technically, as exporters, we don’t want this, but in this case we should use instruments that will minimize this loss. “We have to minimize the risks,” he said.

FAYAT: TO BE REPORTED AT LEAST 4 WEEKS BEFORE

Chairman of the TOBB Garment and Apparel Sector Assembly, Şeref Fayat, said it was positive that the Central Bank had consulted with exporters regarding the study, pointing out that 40 % were manageable for the apparel industry, but each industry’s currency exposures were different. At this stage, Fayat, who said the exchange rate should be determined on a sectoral basis, also pointed out that this decision should be implemented according to a certain timetable. Fayat said: “If it is said that it was 40% in the evening and it is implemented in the morning, it will force these companies. Because all companies realized their cash flow by 25%. Therefore, the new decision should be announced with a timeline, at least 4 weeks, ideally 8 weeks. If that happens, companies can calculate their liabilities,” he said. Fayat said people in need would have to buy the foreign currency again and resell it, which would result in a loss of exchange.

DALGAKIRAN: THE EXPORTER IS NOT WELCOME

Turkish Machinery Federation (MAKFED) President Adnan Dalgakıran said it was clear that raising the foreign exchange requirement to 40% would not be welcomed by any exporter. “However, if Turkey is so stuck on foreign currencies, we will do our best with the decision made by our state,” Dalgakıran said. However, we would like that not to be the case, because the exporter, who is roasted with his own oil, wants the value he has gained by opening up to the world with his own right to be at his own disposal” , did he declare.

Currency loss affects competitiveness

TOBB Plastics, Rubber and Composites Industry Assembly Chairman Yavuz Eroğlu said the Treasury’s first priority is to find foreign exchange and these measures are not surprising, adding: “ Unfortunately, we are not a country that prints foreign currencies. We also cannot get a lot of direct investment, we only have export income. Therefore, such a measure on export earnings seems inevitable. These are not the most requested measures, but there is also the reality, this currency must be found. Eroğlu, who said that the sector buys its raw materials entirely in foreign currency, pointed out that when companies in need of foreign currency exchange their export price, they receive foreign currency again in the same day, and in this case, additional bureaucracy and currency risk arises. Akyüz Plastik Chairman of the Board Murat Akyüz, who was chairman and board member of the Istanbul Chemicals and Products Exporters Association (İKMİB), also reacted to the decision. Expressing that the app has caused serious damage to businesses, Akyüz said, “Our return rate with TL in the chemical industry is very low. Our exchange fee is approximately 80%. Therefore, the 40% rate will push us even more. With this decision, it says that “I will make you lose profit, you add that as a profit margin”. That’s when we lose our competitiveness. No such obligation exists in any of the countries where we compete.

ISIFED: the application must be completely removed

Baris SEDEF

Muammer Ömeroğlu, chairman of the Istanbul Federation of Industrialists and Businessmen’s Associations (İSİFED), also criticized efforts to raise the foreign exchange requirement to 40%. Emphasizing that the current 25% requirement should also be removed so that companies can manage their cash flow and make their new investments, Ömeroğlu said: “With the 25% implementation coming into force, difficulties have arisen. began to be encountered in planning from abroad. exchange positions of exporting companies. We follow with concern that increasing this rate to 40-50% has been on the agenda in recent days. Considering the economic problems that our country is going through and the world situation; We believe that this practice should be reviewed or completely abolished, especially those exporters who can justify their foreign currency expenditures, in this time when we need to grow our country’s economy by supporting our production and export.

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