As part of the New Economic Program Structural Transformation Steps announced by Treasury and Finance Minister Berat Albayrak in early April, Turkey's banking watchdog, the Banking Regulation and Supervision Agency (BDDK), reduced loan limits subject to independent auditing for companies operating outside the financial sector. According to regulatory changes introduced by the BDDK and published in the Official Gazette on Friday, the limit for loans for which non-financial corporations are required to submit independent auditing reports has been reduced to TL 100 million from TL 500 million.
In other words, real sector firms were previously required to submit independent detailed financial reports for loans exceeding TL 500 million. The new regulation aims to expand the number of real sector companies that are obliged to provide additional detailed financial documents to banks and will enable lenders to access more updated data on real sector firms, increasing financial transparency. The rate of loans that are subject to this regulatory requirement will be increased from 33% to 47%.
The banking watchdog was also reported to be carrying out another study to improve corporate governance standards and financial management quality. Companies whose loans exceed TL 100 million will be subjected to detailed examination regarding their corporate structure and processes for their loan application.
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