ANNOUNCED AS TEMPORARYNo
Controls on credit operations
Effective from 17 February 2018, the government of Turkey established that all entities residing in Turkey that have foreign currency loans amounting to a sum exceeding USD 15 million must for the first time disclose information related to these loans to the national Central Bank. The prior refers to foreign currency loans obtained both from financial institutions abroad and from financial institutions within the Turkish jurisdiction.
The national Central Bank of Turkey will for the first time establish a Systematic Risk Data Tracking System, specifically for the purpose of enabling entities in Turkey to electronically disclose information related to their foreign currency loans exceeding USD 15 million.
Lastly, companies obliged to make disclosures concerning their over USD 15 million foreign currency loans must also engage an auditor within 6o days from the date that their loan disclosure obligation arises. As per the new regulation the auditors are to be engaged with the purpose of supervising the validity of the disclosure data that entities enter into the newly established Systematic Risk Data Tracking System of the national Turkish Central Bank.
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