In the recent days, several banks are demanded an explanation from the receiver with blocking the foreign currency units over 50.000 USD which are Transferred from Abroad, because of their notification and explanation liability to the Turkish Central Bank.

The foreign companies to transfer money with foreign currency to Türkiye, shall be provided against possible delays with respect to payment dates and contractual obligations. It is important to fulfill the obligation of declaration and statement by the receiver party not to be subject of any trouble.

It has been announced on our website that we have expecting upcoming statements due to uncertainty regarding both the market expectation and the decree interpretation after the Presidential Decree which is published on the date of 13.09.2018.

The Ministry of Treasury and Finance issued a press statement about the Presidential Decree with regard to converting the agreements in foreign currency into Turkish lira. However, no progress has been made yet regarding the subsidiary regulations following the press statement.