ERDEM-NEWSLETTER-2018-metin

186 NEWSLETTER 2018 exchange acquisitive services and activities, which are determined by the related legislation, ” and “credit balance,” which is defined as the “ sum of cash foreign exchange loans that is not reimbursed, which are provided through domestic means or from abroad. ” Therefore, it is stipulated that foreign currency denominated loans from abroad may not be obtained for persons resident in Turkey who do not have foreign currency income. However, exceptions are provided, stating that the foreign currency income condition shall not be required for a limited number of circumstances, such as the foreign currency denominated loans to be utilized by public authorities and in- stitutions, banks and financial leasing companies, factoring companies and financing companies that are resident in Turkey. According to the new amendment, banks and financial leasing, factoring and financing companies that are located in Turkey can issue foreign-currency loans to each other under their own practices, save for the related provisions of legislation, directly, or by means of participation to the international syndication, without limit of maturity. Lastly, the provision stipulating that residents in Turkey are free to obtain commodity loans in accordance with the importation and exportation regimes, is elaborated upon, in detail, through the new Article 17A of Decree No. 32, with regard to the domestically pro- vided commodity loans that were available prior to the amendments. The same Article stipulates that the residents in Turkey who do not have foreign exchange incomes shall not domestically obtain foreign currency denominated loans, as well. In parallel with the provisions regarding the utilization of the foreign currency denominated loans from abroad, it is stipulated as an exception that the foreign currency income condition shall not be required for the foreign currency de- nominated loans to be utilized by public authorities and institutions, banks and financial leasing companies, and factoring companies and financing companies that are resident in Turkey. Amendments to Communiqué Numbered 2008-32/34 Detailed regulations are provided in Communique No. 2008- 32/34, in line with the amendments in Decree No. 32. In Article 9 of Communique No. 2008-32/34 it is stated in relation to the purchase