New Currency Directive for Banks / Million-Dollar Facilities for Essential Goods

With the issuance of a new currency directive, banks are required to secure the funds needed for facilities for essential goods imports;

Ambassador Arjan: With the announcement of the new currency circular, banks are required to provide the necessary resources to facilitate the import of basic goods;

According to the directive of the General Directorate of Foreign Exchange Operations, instructions for granting foreign exchange facilities of 60 million dollars from the sources of banks for the import of basic goods were announced. This measure will be implemented following the approval of the Central Bank and with the aim of maintaining food security and the continuity of the supply chain until the end of this year. Previously, with the onset of regional crises and the emergence of restrictions in the Central Bank's foreign exchange resources, the management of the commodity market by focusing on prioritizing imports and accelerating the allocation of currency to livelihood items was placed on the agenda of monetary and commercial institutions.

Be sure to read: The threat to the stability of the banking system with the misuse of foreign exchange facilities, the necessary arrangements for the supply of basic goods have been thought out.

According to this announcement, the allocation of these facilities is made directly from the internal resources of the operating banks. Also, bank branches are obliged to inquire about the availability of resources from the General Directorate of Foreign Affairs and the Foreign Exchange Support Department before issuing the currency allocation certificate.