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”).

THE COMMUNIQUE ON EXCEPTIONS ALLOWING COMPANIES TO CONTRACT UNDER FOREIGN CURRENCIES HAS BEEN PUBLISHED:

Exceptions allowing companies to contract under foreign currencies has been published. Presidential Decree dated 13 September 2018 had brought restrictions to agreements denominated in foreign currencies or indexed to foreign currencies concluded between real persons and legal entities residing in Turkey.

PRESIDENTIAL DECREE IMPOSES RESTRICTIONS ON DETERMINATION OF CONTRACT VALUES IN FOREIGN CURRENCY OR INDEXED TO A FOREIGN CURRENCY:

Presidential Decree dated 13 September 2018 brought restrictions to agreements denominated in foreign currencies or indexed to foreign currencies concluded between real persons and legal entities residing in Turkey. The Ministry of Treasury and Finance has yet to publish any exceptions to this rule and the Minister has declared that the relevant regulation will soon be published.