As an outcome of the rise in the value of the foreign exchange rates against the Turkish Lira (“TL”) and the significant negative impact of this circumstances on the prices of consumers goods, as of May 21, 2019, the Banking Regulation and Supervision Agency (“BRSA”) gave instruction to the banks that the amount of $100,000 and more in foreign currency purchases would be valued one day to the account of the relevant person.
In the statement made by the BRSA, the purpose of this regulation was disclosed as follows, “to contribute to the stable functioning of the financial markets and effective working of the credit system and to ensure the prevention of possible speculative transactions”.
Following the BRSA’s instructions, the TL equivalent of $100,000 will be credited to the account one day before and the amount in the foreign currency will be credited to the account of the relevant person one day after the purchase. As a result of the regulation made by the BRSA, there will be no waiting period for the sale of the said amount of foreign exchange transaction and the amount of foreign exchange sold will be transferred to the account of the relevant person on the same day.
Previously, with the Presidential Decree issued on May 15, 2019, for the purpose of preserving the value of TL, 0,1% commission was established in foreign exchange transactions and detailed information concerning this subject can be found in our previous article.
You can contact us for further information and to take advantage of our advocacy and consulting services. You can find detailed information about our office’s work on Banking and Finance Law on our website.
Uçar Law & Consultancy Office
