TURKEY INCREASES THE STATUTORY ANNUAL LEGAL INTEREST RATE FROM 9% TO 24%:

Pursuant to the Presidential Decree published in the Official Gazette on 21 May 2024, the legal interest rate received a big hike from 9% to 24% effective from 1 June 2024.

JUDICIAL MEASURES ANNOUNCED WITHIN THE STATE OF EMERGENCY DUE TO THE EARTHQUAKES IN SOUTH EASTERN OF TURKEY:

AMENDMENTS INTRODUCED TO THE COMMUNIQUE ON THE EXCEPTIONS TO FOREIGN CURRENCY CONTRACT PROHIBITIONS:

The scope of exceptions to foreign currency contract prohibitions has been amended.

FAQ ON RESTRICTIONS ON DETERMINATION OF CONTRACT VALUES IN FOREIGN CURRENCY OR INDEXED TO A FOREIGN CURRENCY PUBLISHED:

On 12.10.2018 the Ministry of Treasury and Finance ("Ministry") published a press release in relation to the agreements denominated in foreign currencies, which included explanations for the frequently asked questions (“FAQ”).