Türk Eximbank, which provides loans in local currency to small and medium-sized enterprises (SMEs) exporting in Turkish lira, will from now on grant loans to non-SME companies as well.
In a statement, Trade Minister Ruhsar Pekcan said significant efforts have been made in recent years to improve trade in local currencies.
She pointed out that the share of the Turkish lira in exports rose from 4.5 percent in the first two months of 2018 to 4.8 percent in the first two months of this year.
Pekcan said Türk Eximbank has continued to provide TL loans to exporting SMEs with affirmative interest rates compared to market figures.
She added that the bank channeled Turkish lira sources to SMEs in August 2017 and provided additional credit support of about TL 10 billion to SMEs, including TL 2.1 billion in 2017 and TL 7.7 billion in 2018, adding the said support will continue to increase in 2019.
The trade minister said that Türk Eximbank's loan facility in Turkish lira was planned to be diversified and increased by taking into consideration the importance and growing potential of trade in local currency in the upcoming period.
On providing loans in the local currency to non-SME companies, Pekcan said: "For this purpose, the current Turkish lira loan program for SMEs exporting in the local currency will continue."
She said for non-SME companies, on the other hand, a previously announced loan program will be put into operation as of April 22, 2019.
The loan will have a one-year maturity period and a six-month interest rate payment based on the Central Bank of the Republic of Turkey's (CBRT) daily weighted average funding rate.
"We believe this opportunity will contribute to the development of trade in local currencies," said Pekcan.
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