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 360 days by presenting FX or TL bills for rediscount.
FX rediscount credits are extended to firms through intermediary banks in TL 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 FX, they help boost the CBRT FX reserves on the date of maturity.
On the other hand, in TL rediscount credits that are extended and repaid in TL; firms are obliged to sell FX export proceeds worth of TL credit amount to the CBRT until maturity. Thus, TL rediscount credits also contribute to CBRT FX reserves.
The data on the contribution of FX rediscount credits to FX reserves starting from January 2009 are presented in this table and the provisional data of the remaining months of the current year will be updated monthly.