ANNOUNCEMENT 21 May 2019

On 21 May 2019, Turkey's Banking Regulation and Supervision Agency ("BRSA") announced imposing of settlement delay on foreign exchange purchases more than 100,000 USD.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Press Release from BRSA. BDDK Basın Açıklaması. Available at: http://www.bddk.org.tr/ContentBddk/dokuman/duyuru_0716_01.pdf

Inception date: 21 May 2019 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 21 May 2019, Turkey's Banking Regulation and Supervision Agency ("BRSA") announced imposing of settlement delay on foreign exchange purchases more than 100,000 USD or equivalent in other currencies. The settlement date for foreign exchange purchases by individuals of more than 100,000 USD will be the following day. In other words, foreign exchange purchases by individuals will be transferred to their account the following day.

In the announcement, BRSA argues that the regulation aims contributing to the stable operation of financial markets and the effective operation of the loan system and the prevention of potential speculative transactions.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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