Increase in the amount of cash that can be taken abroad freely: Nearly an 8-fold increase

According to the decision published in the Official Gazette, the amount that can be taken abroad freely in cash has been increased from 25 thousand liras to 185 thousand liras. Additionally, it has been decreed that precious metal trading transactions conducted without physical delivery shall be considered "foreign exchange transactions."

ABILITY TO PROVIDE COLLATERAL IN FOREIGN CURRENCY

It has been made possible for group companies of credit users or real/legal person partners who directly own shares to provide collateral in foreign currency for foreign currency/precious metal loans obtained domestically.

Furthermore, considering that precious metals and foreign currency are values regulated under foreign exchange legislation, that there is no clear definition of book-entry amounts traded in precious metal deposit accounts in foreign exchange legislation, and that in essence, as long as there is no physical delivery, there is a book-entry amount whose value is determined by foreign currency, it has been decreed that precious metal trading transactions conducted without physical delivery shall be considered "foreign exchange transactions."

INTER-INSTITUTIONAL COOPERATION

Changes were made to determine the scope of institutions that will act as intermediaries for derivative transactions to be conducted abroad and the circumstances under which transactions can be made without the intermediation of authorized institutions, and to ensure that the relevant markets also cover additional situations that may arise within the scope of capital market legislation.

INTERVENTION IN UNAUTHORIZED TRANSACTIONS

In addition, regulations were introduced for banks, payment institutions, and electronic money institutions to take necessary measures to prevent and monitor the intermediation of leveraged transactions or derivative transactions by unauthorized persons. In this context, information will be shared regarding the implementation of measures by the Capital Markets Board, the Banking Regulation and Supervision Agency, and the Central Bank of the Republic of Turkey.

The regulation also includes provisions regarding the imposition of sanctions on those who act as intermediaries for these transactions in an unauthorized manner and the reporting of identified violations to the Ministry.