Amendments to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (No: 2018-32/45)

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The Communiqué (No: 2021-32/62) on the Amendment to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (No: 2018-32/45) (“Communiqué No. 2021/32/62”) entered into force through its publication in the Official Gazette dated 12.10.2021 and numbered 31626. The Communiqué No. 2021/32/62 incorporates a wide range of amendments regarding authorized institutions and foresees changes in the procedures and principles regarding the subject of activity, permission, incorporation, branches, obligations and sanctions.

In addition to the aforementioned amendments, new obligations for authorized institutions are established such as pursuing transactions regarding purchasing and selling foreign currency in separate accounts. Additionally, conversions between Group A and Group B institutions holding operation permits granted by Ministry are subject to the permission of the Ministry. It is also stipulated that the authorized institutions’ total equity shall not fall under the minimum paid-in capital.

Finally, procedures and principles regarding share transfer by authorized institutions were amended. For instance, in case of any attachment, enforcement proceedings or interim injunction, it is regulated that share transfers cannot be performed until these are reversed. Parties are obliged to execute a protocol regarding share transfers.

You may access the full text of the Turkish version of the Communiqué here (Turkish).

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