Revolutionary Changes To Decree No. 32

Recent Developments

The Decree Amending the Decree No. 32 (the "Decree No. 32") on the Protection of the Value of the Turkish Currency (the "Amending Decree") was published in the Official Gazette dated 15 March 2025 and numbered 32842.

What Does Amending Decree Offer?

The material amendments made with the Amending Decree can be summarized as follows:

• Prior to the Amending Decree, cash exceeding 25,000 Turkish liras could be taken out of the country only after filling in a cash declaration form. The Amendment Decree updated this amount to 185,000 Turkish liras.
• The Amending Decree ends the debate as to whether derivatives transactions require the intermediation of Turkish dealer-brokers. Accordingly:
  • Turkish residents, while trading derivatives abroad, must transact through banks or intermediary institutions authorized by the Capital Markets Board of Türkiye (the "CMB").