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ARTICLE · 04 MARCH 2019

Restrictions On Foreign Currency Transactions In Turkey

Yurdakul International Legal Consultancy
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As is known, Turkish Lira has lost about a quarter of its value against the dollar just between August 8, 2018 and August 13, 2018.

TurkeyFinance and Banking
Erman Muzaffer Yurdakul
Erman Muzaffer Yurdakul

As is known, Turkish Lira has lost about a quarter of its value against the dollar just between August 8, 2018 and August 13, 2018.

Since then, Turkey took its boldest steps yet to try to ward off a financial crisis by making it harder for traders to bet against the battered lira and easing rules on restructuring troubled loans that have already topped $20 billion.

Obviously, Turkish Government's top priority is to ensure the market safety and to safeguard the interests of investors. However, at the same time, Turkish Government has also taken steps in order for Turkish Lira to gain strength.

This year, amendments to the Decree No. 32 on the Protection of the Value of Turkish Currency ("Decree No. 32") and the Communique regarding the Implementation of Decree No. 32 have been made several times.

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