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  • 17-06-21

    Turkish corporations decrease direct exposure to foreign exchange risks

    (MENAFN)According to Fitch Ratings, Turkish corporations have declined their direct contact to foreign exchange risks in the last few years.

    It further declared that although the use of foreign-currency borrowing remains widespread amid Turkish firms, they have a strong record of dealing with rapid currency reduction and many applied steps in latest years to decrease their exposure to further depreciation in the Turkish lira.

    Steps included a decrease in overall reliance on hard-currency debt, higher cash holdings, and a greater proportion of cash being held in hard currencies, according to the global rating agency.

    I added that "Turkish corporates are often more dependent on short-term funding than international peers and frequently only have access to uncommitted bank lines. This can leave them exposed to the risk of funding interruptions and market closures."

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