Recent development

The Turkish Council of Ministers has relaxed restrictions on exporting Turkish lira and foreign currencies. On June 11, 2015, the Council of Ministers adopted a decree amending Decree No. 32 on Protection of the Value of the Turkish Lira (the "Decree"), the main regulation under Turkish FX laws.

Overview of the regulation

Formerly, one could export Turkish lira and foreign currency through Turkish banks, but individuals could only carry up to the Turkish lira equivalent of USD 5,000 out of Turkey. Under the amended Decree, exportation of Turkish lira exceeding TRY 25,000 (approx. USD 9,250) will be allowed, but subject to the Prime Ministry's forthcoming rules and procedures.

Exportation of foreign currency exceeding the equivalent of EUR 10,000 will also be allowed, but also subject to the same rules and procedures.

Conclusion

Liberalization of FX transactions in Turkey started in the 1980s. The amendment to the Decree indicates that Turkey has decided to further loosen up restrictions.