Certain Liabilities Regulated Under Capital Movements Circular Clarified

Clarifications were made to the Capital Movements Circular in relation to banks’ obligations to verify loans obtained abroad by Turkish residents and the declaration obligations of resident borrowers.

In the Ministry of Treasury and Finance’s letter dated 10 October 2019 and numbered 410588 (“Ministry’s Letter”), new clarifications were made to paragraph 6 of Article 19 (General Principles on Obtaining Loans Abroad) of the Capital Movements Circular (“Circular”). This Circular regulates, among others, the obligations of deposit banks, participation banks, and development and investment banks licensed in Turkey.

For full copy of the alert, please click here.