Through the press announcement ("Announcement") dated 05.05.2020 and published on the website of the Banking Regulation and Supervision Agency, the measures taken by the Banking Regulation and Supervision Board ("Board") with the Decision dated 05.05.2020 and numbered 9010 to be implemented until the extraordinary circumstances arising in relation to the COVID-19 outbreak, have been announced.
In this regard, the Board has decided the sum of TRY placements, TRY deposits, TRY repo and TRY loans to be made by banks to financial institutions located abroad, including banks' subsidiaries qualified as credit institution and financial institutions subject to consolidation as well as their branches abroad to be limited by 0.5% of the banks' most recently calculated legal equity and such rate to be calculated on a daily and stand-alone basis.
In addition, the Board has decided that no new transactions to be carried out until the existing overflows are eliminated and the overdue transactions of this nature not to be renewed.
Please find the Turkish version of the Announcement here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.