By Ceyda Caglayan

ISTANBUL (Reuters] – Turkish exporters warned the Central Bank they could have difficulty meeting a new requirement that 25% of their hard currency revenues be sold to the bank. This would also mean they are more vulnerable to fluctuations in.

They stated that they were concerned about this regulation. It was announced by authorities to assist the lira in replenishing bank’s depleted funds.

According to Reuters interviewees, Kavcioglu assured them that after losing 44% of its value in 2013, the lira would stabilise now. This is despite the fact that it has been fluctuating wildly for the last few weeks.

Kavcioglu informed the exporters, too, that new credit lines could be expected from the central banking and Eximbank (state-owned export bank Eximbank).

When asked about their accounts of the meeting the Central Bank did not respond.

The meeting was attended by exporters, who expressed concerns about having to convert significant amounts to lira. However, others would need to switch back to foreign currency in order to pay their costs.

A source said that the expectation was for an instrument similar in nature to a guarantee of forex rates for 25% to be sold at the central bank. This refers to an individual deposit-protection program, which was unveiled last month.

Kavcioglu however stated they were expecting a stabilization to the exchange rates… Kavcioglu stated that there wouldn’t be a large loss in selling and buying.

According to the source, “We were informed at the meeting that we would not face any issues finding forex.”

The Turkish lira is in a slump since September when President Tayyip Turkey demanded that the Central Bank ease monetary policies and launch a series interest rate cuts. Erdogan claims that the measures will encourage exports and lending, as well as growth.

Ergin, Chairman of Textile Exporters and Employees Association, was unable to attend. He stated on Wednesday that exporters of textiles would struggle to meet the conversion requirement of 25% of their revenues into lire, as the Turkish currency only 18% of their expenses.

According to him, the required conversion could result in a loss of profits with margins between 7-8% and profit. It does not add up.