Restrictions on Foreign Currency-Denominated Contracts

Through a Presidential Decree issued in September, Turkey has imposed significant restrictions, known as the “FX ban”, on the ability of parties to enter into certain types of foreign currency-denominated and indexed contracts. Pursuant to the authority it was granted in the Decree to promulgate exemptions to the restrictions, the Turkish Ministry of Treasury and Finance issued two communiqués in October and November, setting forth certain exemptions.

Please click here for a summary table of some of the significant restrictions and exemptions under the FX ban.