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ARTICLE · 06 JULY 2022

Turkish Lira Borrowing Restricted Based On FX-Assets

Guleryuz Partners
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With the Banking Regulatory and Supervisory Authority's ["BRSA"] decision numbered 10250 and dated June 24, 2022 ["Decision"], Turkish Lira borrowing by companies, other than banks and financial institutions...

TurkeyCorporate/Commercial Law
Yasemin Keskin
Yasemin Keskin
Beliz Boyalıklı
Beliz Boyalıklı
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With the Banking Regulatory and Supervisory Authority's ["BRSA"] decision numbered 10250 and dated June 24, 2022 ["Decision"], Turkish Lira borrowing by companies, other than banks and financial institutions, which are subject to independent audit ["Companies"] has become subject to a foreign currency asset ["FX-Assets"] restriction.

Companies Subject to the Decision

In order for the Decision to be implemented, these two conditions must be found together: (i) the TRL equivalent of the Company's FX-Assets must exceed 15 million TRL; and (ii) the greater amount of the total assets of the Company or the Company's net sales revenue for the last year should exceed the 10% of the threshold specified above. In this respect, Companies that meet both of the foregoing conditions will no longer be able to borrow TRL commercial cash loans. Such review will be conducted using the consolidated balance sheets for the Companies required to prepare consolidated financial

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