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TOBB President Rifat Hisarcıklıoğlu: ''Real Sector's Complaints on Access to Finance Continue''
Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), made statements on the sector
Yazar: James Gordon
Yayınlanma: 3 Ağustos 2022 07:18
Güncellenme: 11 Kasım 2024 11:32
TOBB President Rifat Hisarcıklıoğlu: ''Real Sector's Complaints on Access to Finance Continue''
Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), made statements on the sector at the meeting attended by the CBRT Governor. Hisarcıklıoğlu stated that access to financing has recently become difficult.
TOBB President Rifat Hisarcıklıoğlu also noted that access to finance has recently become difficult. At the TOBB Sector Assemblies Consultation Meeting, which was also attended by CBRT President Şahap Kavcıoğlu, President Hisarcıklıoğlu stated that the need for working capital loans has increased with the rise in costs, but some banks have stopped lending. Hisarcıklıoğlu made the following statements at the meeting: "In addition to domestic inflation and increases in production costs, we also faced rising raw material and energy prices all over the world. The Russia-Ukraine war, China-Taiwan tensions, shortages in energy and food supply, the re-spread of Covid-19 and the rise in interest rates around the world have a downward impact on global growth. A gloomier and more uncertain environment awaits the world for the rest of 2022. Therefore, in this challenging period, ensuring that our companies have access to financing with favorable conditions is of critical importance for our country's economy. In the recent period, access to financing has become more difficult and complaints from companies in every province and district have increased. Our small and medium-sized enterprises, which should be protected the most, are experiencing the biggest problem. In addition to the rise in credit interest rates, it is reported that credit limits have been reduced in real terms and there are difficulties in utilization. While the Central Bank funding interest rate is 14 percent and the average interest rate on deposits is around 20 percent, some banks are charging 30 to 50 percent interest on commercial loans. Some do not lend at all. Another problem is loan maturities. It is becoming increasingly difficult to find long-term loans with fixed interest rates, which are necessary for investments. On the other hand, there are increasing complaints about the decline in Central Bank rediscount credits, which is a very important facility for exporters. The desire of the real sector is for stability to prevail in the credit markets. Because every company that invests, exports and provides employment in our country is our national value and needs to be protected. On the other hand, due to high inflation and cost increases, the need for loans for investment and working capital has increased compared to previous periods. Working capital loans have become critical especially for SMEs to sustain their operations. Therefore, taking into account the increasing need for working capital, it is necessary to be sensitive about the side effects of the measures taken and the banking system should facilitate access to credit. Our banks are also expected to provide loans to the real sector with favorable conditions and act constructively, taking into account funding costs.''İLGİLİ HABERLER
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