Regulation on Transactions Affecting Foreign Currency Position Has Been Published 21 February 2018
Regulation on the Monitoring of the Central Bank of Turkish Republic over the Transactions Affecting Foreign Currency Position (“the Regulation”) has been published on the Official Gazette dated 17.02.2018 and numbered 30335. With the Regulation, it has been regulated that the companies, whose total foreign currency money loans and foreign exchange loans provided domestically or from abroad are 15 million USD or over by the last work day of the related financial year, are responsible to notify the Central Bank regarding this situation by the following financial year.
Under this Regulation which foresees supervision of the authenticity of the statements; ones who fail to fulfill the notification responsibility shall be imposed to the penalty of imprisonment and judicial fine in accordance with Article 68 of Central Bank Law of Turkish Republic numbered 1211.
It has been declared that there are more than two thousand large-scale companies which are included within this scope and more than 80% of them took loan in foreign currency. Within this regard, respective legislation change has importance for such companies.
