Amendment to the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey
Pursuant to the Regulation Amending the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey (“Amending Regulation”) published in the Official Gazette dated 24.02.2021 and numbered 31405, the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey (“Regulation”) has been amended.
Significant amendments introduced by the Amending Regulation are summarized below:
- As per the amendment to Article 5 and 6 of the Regulation, the notifications by the firms whose foreign currency cash loans or loans indexed to foreign currency obtained from Turkey and abroad excessing a sum of 15 million US Dollars, which used to be made as of the end of interim accounting periods or annual accounting period will be made as of the end of the relevant monthly accounting period to the Central Bank of Republic of Turkey (“CBRT”).
- The provisions regarding the independent audit of the reported data have been abolished. The control of the reported data by the firms will be made by CBRT.
- As per the addition to Article 10, the announcements and the instructions for notifications may be e-mailed if so deemed appropriate by the CBRT in addition to being announced on the Systemic Risk Data Tracking System.
- As per the amendment to Article 12, failure to correct the situations requiring a negative opinion to the data notification will no longer be penalized.
The Amending Regulation enters into force on the date of its publication. You may find the Turkish version of the Amending Regulation here.
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