New Regulations in the Turkish Foreign Exchange Legislation

In the Official Gazette No 31663 dated 18 November 2021, Communiqué Amending the Communiqué (Communiqué No: 2021-32/64) on the Decree No. 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2021-32/64) (“Communiqué”) has been published

With the Communiqué, the obligation to present an identity card at the bureau de change for transactions below 100 USD and/or its equivalent Turkish Lira, has been abolished.  (As known, in the Communique published by the Ministry of Treasury and Finance on October 12, 2021, all dollar exchange transactions were required to be provided identification.)

With the regulation made in article 30 of the Communiqué, titled "Authority", the Ministry of Treasury and Finance has been given the authority to determine transaction limits by "evaluating force majeure and obligatory circumstances".

With the Communiqué, the exception granted to the "existing partners" of the institution in the application of documenting the fees to be paid in the share transfers of the authorized institutions within the scope of the Communiqué, whose share transfers are subject to the permission of the Ministry of Treasury and Finance, has been abolished.

You can reach the full text of the Communiqué here.

 

Kind regards,

Zumbul Attorneys at Law

info@zumbul.av.tr