Exceptions Relating to Restrictions Previously Imposed

Ministry of Finance and Treasury ("Ministry") published a communiqué^[1] ("Communiqué") amending Article 8 of Communiqué No: 2008/32-34, which regulates matters left to the Ministry's discretion by Decree No: 32 on Protection of the Value of Turkish Currency^[2] ("Decree"). Communiqué is induced by Presidential Decree No: 85 of 12 September 2018 ("Presidential Decree"), which amended the Decree inserting Article 4(g) ("Article"). The Article prohibited foreign currency denomination or foreign currency indexing of contract prices or other payment obligations for certain categories of contracts ("Prohibited Class") executed between parties resident in Turkey^[3], with exception criteria ("Exceptions") to be specified by the Ministry. A further provisional article ("Provisional Article") in relation to existing agreements which fall within the scope of the Prohibited Class ("Existing Agreements") obligated the redetermination of their prices in Turkish Currency within