I. General Overview
For the purposes of protecting the value of the Turkish
currency, Turkish lawmakers have introduced various rules and
restrictions under the Decree No. 32 on the Protection of the Value
of the Turkish Currency ("Decree No.
32").
According to foreign exchange laws in Turkey, individuals
residing in Turkey are not permitted to obtain foreign exchange
cash loans from banks and financial institutions in Turkey or
abroad. As a general rule introduced by the Decree No.32, legal
entities residing in Turkey are required to have foreign exchange
revenue in order to obtain foreign exchange cash loans. However,
certain limitations and exceptions to this general rule have been
introduced by the Decree No. 32.
