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ARTICLE · 09 MARCH 2018

Turkey Introduces Disclosure And Audit Obligations For Foreign Exchange Loans Exceeding $15 Million

Moroglu Arseven
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Companies in Turkey must now make information disclosures to the Central Bank when their foreign currency loans and foreign exchange loans (either from Turkey and abroad) amount to $15 million or more.

TurkeyAccounting and Audit
Dr. E. Seyfi Moroğlu, LL.M.
Dr. E. Seyfi Moroğlu, LL.M.
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Companies in Turkey must now make information disclosures to the Central Bank when their foreign currency loans and foreign exchange loans (either from Turkey and abroad) amount to $15 million or more. Turkey's Central Bank will establish an online system for this purpose. These companies must also assign an auditor to review their disclosures to the Central bank.

The Regulation on Principles and Procedures for Monitoring Transactions Affecting Foreign Currency Position by the Central Bank of Turkey ("Regulation") was published in Official Gazette number 30335 on 17 February 2018.

Notification Obligations

Companies with $15 million or more in foreign currency loans and foreign exchange loans (from Turkey and abroad) on the last working day of the relevant accounting period must now report certain data to the Central Bank from the following accounting period onwards.

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