Turkey’s factoring companies are facing a difficult year with an economy in crisis and a new regulation from the Central Bank of the Republic of Turkey (CBRT) regarding factoring. Over the last 12 months inflation has soared to more than 80 per cent – some estimates put it at more than double that – and the value of its currency, the Turkish lira, has dropped like a stone. Whereas in September 2021 eight Turkish lira could buy one US dollar, by December 2022 19 lira were required to buy one US dollar. On top of all those concerns, on the last day of 2022 the CBRT made a major announcement concerning the factoring industry, which was no doubt overshadowed by the New Year festivities.
