The Amendments on the Circular on Capital Movements
Second paragraph of Article 38 of the Circular on Capital Movements (“Circular”) is amended by the letter of Republic of Turkey, Ministry of Treasury and Finance (“Ministry”) dated 20.11.2018 and numbered 30275.
With the introduction of the amendment, it became possible to transfer the funds under the borrowings equivalent in foreign currency to the relevant accounts in Turkey based on the written declaration of the company provided that the transaction is executed within the same holding structure or group and the debiting and proceeding transactions are executed in Turkish Liras.
Please find the updated text of the Circular here.
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