New Rules for Transportation of Turkish Currency
Decree Amending the Decree No.32 on the Protection of the Value of Turkish Currency is published in the Official Gazette dated 11 June 2015 and came into effect as of such date.
Certain changes introduced by the Decree are as follows:
(i) Limits on transportation of Turkish currency as well as the instruments denominated in Turkish currency are withdrawn (other than taking out amounts over TL 25,000 from Turkey and bringing of amounts over TL 10,000 to Turkey; for which the principles will be specified by the Ministry of Economy.
(ii) Banks and customs authorities shall also inform the Ministry as well as the Undersecretariat of Treasury regarding residents in Turkey who send capital for investment or commercial activities abroad within 30 days following the date of each transaction.
The Turkish language text of the Decree can be found at the following link: http://www.resmigazete.gov.tr/eskiler/2015/06/20150611-1.htm
• The Banking Regulation and Supervision Agency decided to transfer the shareholding rights (other than dividends) as well as the management and audit of Asya Katilim Bankasi A.S. to the Savings Deposit Insurance Fund.
• The Banking Regulation and Supervision Agency decided to authorize Akbank T.A.S. to provide consultancy and support service for granting facilities to local and foreign banks and other financial institutions regarding credit operation transactions such as documentation, securities, liquidation of the securities and reporting.
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