Certain restrictions have been introduced in Turkey regarding currency transfers across national boundaries. Also, notification requirements have been amended to increase authorities’ control over cash-flows and protect the local currency’s value in international markets. Decision Number 32 Regarding Protection of the Value of Turkish Currency outlines the regulatory framework and authorizes the Prime Ministry to issue related Comminiqués. Accordingly, the Communiqué Amending Communiqué Number 2008-32/34 on Decision Number 32 Regarding Protection of the Value of Turkish Currency (“Communiqué”) was published in the Official Gazette on 30 December 2015, entering into effect on the same date.
According to the Communiqué:
- When leaving Turkey, passengers must complete a “cash declaration form” to notify customs authorities about any cash or other payment instruments they are carrying which exceeds 25,000 TRY or 10,000 EUR (or equivalent value in other foreign currencies).
- If passengers make a false statement, or fail to make a statement at all, the assets will be confiscated by the customs authority and Financial Crimes Investigation Board; the Chief Public Prosecutor’s Office will be informed.
- Banks must inform the Central Bank within 30 days about money transfer operations which exceeds $50,000 USD (or equivalent value in other foreign currencies). Exceptions include import, export and invisible transactions (including transfers made from foreign exchange deposit accounts).
- Customs Authorities must inform the Central Bank on a monthly basis about cash outflows of $50,000 USD or more (or equivalent value in Turkish Lira).
- Transactions regarding capital outflow must be notified to the Ministry of Economy as well as to the Treasury Undersecretaries.
Please see this link for the full text of the Comminiqué (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.