Certain restrictions have been introduced in Turkey regarding
currency transfers across national boundaries. Also, notification
requirements have been amended to increase authorities' control
over cash-flows and protect the local currency's value in
international markets. Decision Number 32 Regarding Protection of
the Value of Turkish Currency outlines the regulatory framework and
authorizes the Prime Ministry to issue related Comminiqués.
Accordingly, the Communiqué Amending Communiqué
Number 2008-32/34 on Decision Number 32 Regarding Protection of the
Value of Turkish Currency
("Communiqué") was published in
the Official Gazette on 30 December 2015, entering into effect on
the same date.
According to the Communiqué:
When leaving Turkey, passengers must
complete a "cash declaration form" to notify customs
authorities about any cash or other payment instruments they are
carrying which exceeds 25,000 TRY or 10,000 EUR (or equivalent
value in other foreign currencies).
If passengers make a false statement,
or fail to make a statement at all, the assets will be confiscated
by the customs authority and Financial Crimes Investigation Board;
the Chief Public Prosecutor's Office will be informed.
Banks must inform the Central Bank
within 30 days about money transfer operations which exceeds
$50,000 USD (or equivalent value in other foreign currencies).
Exceptions include import, export and invisible transactions
(including transfers made from foreign exchange deposit
Customs Authorities must inform the
Central Bank on a monthly basis about cash outflows of $50,000 USD
or more (or equivalent value in Turkish Lira).
Transactions regarding capital
outflow must be notified to the Ministry of Economy as well as to
the Treasury Undersecretaries.
Please see this link for the full text of the
Comminiqué (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal
update newsletter produced by Moroğlu Arseven.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
On 7 October 2016 OFAC issued an update to its "Frequently Asked Questions Relating to the Lifting of Certain U.S. Sanctions Under the Joint Comprehensive Plan of Action (JCPOA) on Implementation Day".
Tightened monetary policies leading to limited capital inflow to the securities market, its low liquidity and significant decrease in stock price partly contribute to the low attractiveness of Vietnam's stock exchange.
Unbelievably, the calendar has somehow advanced to September, the month in which we celebrate National Day. For families, it also marks the end of the summer holiday season and the start of the new academic year.
Once the government notifies the European Council that the UK has decided to leave the EU, the two-year period for the negotiation for exit under Article 50 of the Treaty of the European Union will start.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).