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ARTICLE · 10 DECEMBER 2018

FX Loans: Exceptions, Clarifications And Monitoring

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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Certain limitations and exceptions to this general rule have also been set forth under the amendments to the Decree No. 32.

TurkeyFinance and Banking
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Damla Doğancalı
Damla Doğancalı
Büşra Üstüntaş
Büşra Üstüntaş
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I. General Overview

The Decree No. 2018/11185 amending the Decree No. 32 on the Protection of the Value of the Turkish Currency ("Decree No. 32") and the Communiqué No. 2018-32/46 amending the Communiqué on the Decree No. 32 on the Protection of the Value of the Turkish Currency ("Communiqué No. 2008- 32134") were published in the Official Gazette No. 30312 on January 25, 2018, and entered into force on May 2, 2018.

Following these amendments, individuals residing in Turkey are no longer permitted to obtain foreign exchange loans from banks and financial institutions in Turkey or abroad. Certain restrictions have also been introduced with respect to the utilization of foreign exchange loans, which are applicable to legal entities residing in Turkey. Certain limitations and exceptions to this general rule have also been set forth under the amendments to the Decree No. 32.

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