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qualify for CBRT post-shipment rediscount credit. This CBRT
decision, which was taken as a result of the joint efforts of
the Association of Financial Institutions, Turk Eximbank, and
the Turkish Exporters Assembly, will increase the value that
the factoring industry creates for Turkey’s export industries by
supporting and serving the country’s small- and medium-sized
enterprises.
Channeling more financial support through CBRT to
AFI‑member factoring companies generates significant cost
advantages for exporters. By creating opportunities for Turkish
exporters to do business in new markets through the finance,
guarantee, and collection services that it provides, the factoring
sector is also undertaking an important mission in aid of
Turkey’s efforts to achieve its USD 500 billion/year exports
target by 2023. SMEs are responsible for a big part of Turkey’s
export trade and the financing alternatives which are provided
to them through factoring companies will give them access
to financing support that is capable of lowering their average
credit costs and enhancing their competitive strength.
Turk Eximbank export credit insurance
2015 saw the completion of a project which was conducted
jointly by the AFI Exim Insurance Committee and Turk Eximbank
officials and whose aim was to integrate Turk Eximbank’s
export credit insurance system into the operations of the
Turkish factoring industry. As a result of this collaboration
between industry and Turk Eximbank representatives that was
achieved under AFI auspices, Turk Eximbank short-term export
credit insurance began playing an even greater role in Turkish
exporters’ ability to venture into global markets.
Correspondent-guaranteed export factoring is a form of
factoring that is used in 90 countries around the world but
mostly in Europe and the Americas. Such deals, which account
for about 7% or so of total exports, involve providing payment
Users can now access CIRS reporting functions.
With the completion of analysis and software development
work, CIRS’s reporting functions were made accessible to users.
During 2016 users made effective use of the thirty different
report formats that the system recognizes.
A new database is being put together for all collateral
that is put up as credit guarantees.
Information about all factoring contracts that banks and
factoring companies enter into must be fed into CIRS: this is a
requirement of the law and compliance is mandatory. However
banks also accept assignments as collateral for loans that they
make and some banks have also begun to voluntarily report
these to CIRS as well in order to prevent them from being used
more than once.
The Central Invoice Recording System’s name and logo
have been officially registered.
CIRS’s name and logo were officially registered during 2016.
CBRT-Turk Eximbank rediscount credit
Under a set of instructions concerning the implementation
of export and foreign exchange earning services rediscount
credit published by the Turkish Central Bank (CBRT) on
4 February 2015, bills which exporters assign to factors
and which the factors then endorse over to Turk Eximbank
CBRT-Turk Eximbank
Rediscount Credits
Since 2015, factoring companies have started to provide export companies with CBRT-sourced and cost
advantageous post-shipment export credits through Turk Eximbank.
2016 AFI operations
Annual Report 2016
The Association of Financial Institutions
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