The Export Of The Turkish Currency And Foreign Exchange Has Become Free

Some provisions of the Decree No. 32 Regarding the Protection of the Value of the Turkish Currency (the “Decree”) are amended with the adoption of the new decree of Council of Minister introducing significant amentments to the Decree, which is published in the Official Gazette and came into force on 11th of June 2015.

The first amendment, which is made in Article 3 of the Decree, introduces a change and allows export along with import of the Turkish currency and the documents enabling payments in Turkish Lira. Before this amendment, import of the Turkish Lira was free, while the export of the same was subject to certain principles. For example; in order to freely transfer Turkish Lira abroad, such currency had to be transferred through banks, or travelllers were obliged not to take abroad Turkish Lira banknotes whose value were exceeding USD 5.000. As a result of the new amentment to the Article 3, these restrictions are abolished and the export of the Turkish currency has become free. Taking Turkish Lira abroad whose value is exceeding TRY 25.000 will be possible within the framework of the principles which will be regulated by the Prime Ministry.

Article 4 of the Decree, which is regulating the principles regarding import of foreign exchange to Turkey, has been amended and the export of foreign exchange has become free. Furthermore, taking foreign currency notes whose value is exceeding EUR 10.000 or its equivalent of foreign currency notes out of Turkey will be possible within the framework of principles which will be regulated by the Prime Ministry.

Third and forth paragraphs of the Article 13 of the Decree have slightly been amended. The banks and customs administrations will upon this amendment inform the Ministry of Economy, aloang with the Undersecretariat of Treasury within 30 days from the date of each transaction about the residents in Turkey who are willing to transfer capital abroad for investment or commercial activity purposes. In addition to this, the Prime Ministry is authorised to determine the principles regarding information, documents, delivery period of the same and now with this amendment in the fourth paragraph, the institutions to which such documents to be sent will be determined by the Prime Ministry.

 

Kind Regards,

Gür Law Firm