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ARTICLE · 28 JUNE 2022

Turkish Lira Borrowing Restriction From BRSA

Esin Attorney Partnership
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With its decision No. 10250 and dated June 24, 2022, the Banking Regulatory and Supervisory Authority (the "BRSA") has introduced a Turkish lira borrowing restriction for ...

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Nihat Aral
Nihat Aral
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Recent Developments

With its decision No. 10250 and dated June 24, 2022, the Banking Regulatory and Supervisory Authority (the "BRSA") has introduced a Turkish lira borrowing restriction for non-financial institution companies subject to independent audit ("Companies").

What's new?

Pursuant to the Decision, the Companies' borrowing of Turkish lira commercial cash loans will be subject to various restrictions depending on the amount of their foreign exchange assets (the "FX Assets"). The FX Assets will include gold, foreign currency cash as well as foreign exchange deposits and foreign currency denominated securities and stocks issued by non-residents and other monetary assets such as reverse repo with non-residents. The FX Assets will not include other monetary assets such as foreign currency denominated securities and debt instruments (e.g. Eurobond) issued by issuers resident in Turkey.

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