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With the Presidential Decree No. 32842 published in the Official Gazette dated 15 March 2025 and numbered 32842, amendments were made to the Decree No. 32 on the Protection of the Value of the Turkish Currency. The main amendments concern the update of the limit for transferring Turkish currency abroad and new regulations regarding leveraged transactions.
With the Presidential Decision published on 15 March 2025, the limit for taking Turkish currency abroad was increased from TRY 25,000 to TRY 185,000; guarantees and sureties for foreign currency or precious metal loans may now be provided by group companies and shareholders resident in Turkey; and it has been regulated that banks may act as intermediaries in the trading of foreign exchange- and precious metal-based derivative instruments, as well as in the trading of derivative instruments originating from abroad.
- Prior to the amendment, the threshold for being subject to the principles determined by the Ministry in relation to taking Turkish currency abroad was TRY 25,000; this limit has now been increased to TRY 185,000.
- Under the previous regulation, the trading of all types of derivative instruments, including forward and option contracts based on foreign currency and precious metals, and arranged in accordance with capital markets legislation, was conducted by intermediary institutions on organized exchanges. Under the new regulation, banks and intermediary institutions will be authorized to carry out these transactions in compliance with the Capital Markets legislation.
- With the amendment to Article 6, it has been regulated that banks and intermediary institutions shall not be required to act as intermediaries for derivative transactions carried out entirely at the initiative of persons resident in Turkey with financial institutions located abroad, provided that such transactions are conducted without any promotion, advertisement, or marketing activity within Turkey. However, the transfer of funds related to such transactions must be carried out through banks.
- People residing in Turkey may conduct leveraged transactions and derivative transactions subject to the same provisions only through institutions authorized by the Capital Markets Board (CMB). Transfers abroad related to such transactions have been prohibited.
- For foreign currency or precious metal loans utilised domestically, it has been regulated that group companies or real or legal person partners of the borrowers with direct partnership ties are allowed to provide foreign currency collateral.
You can access the Official Gazette dated 15.03.2025 containing the relevant amendments here. (Only in Turkish)
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