Turkish Ministry of Treasury and Finance brings new amendments to foreign exchange legislation

Posted in Banking and finance Financial institutions

On September 13, 2018, the Turkish Presidential Decree No. 85 (the "Presidential Decree") amending the Decree No. 32 on the Protection of the Value of the Turkish Currency (the “Decree No. 32”) was published in the Official Gazette. The Presidential Decree required that the agreement price and other payment obligations arising from certain agreements between Turkish residents cannot be denominated in, or indexed to, foreign currency. The Ministry was authorized to provide exemptions to these restrictions, which were announced and published under a communiqué dated October 6, 2018 (the "Previous Communiqué").

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