TURKISH RESTRICTIONS ON FOREIGN CURRENCY TRANSACTIONS TIGHTENED

Out-Law published an article on 24th September that says that foreign companies with a presence in Turkey have been advised to renegotiate the price of their contracts with local organisations into the Turkish Lira as soon as possible.  The move is to protect the vulnerable Turkish economy and currency. On 13th September, Turkey tightened restrictions on local organisations making transactions using foreign currencies.  An “adaptation period” of 30 days began on 13th September.  Businesses that do not comply with the new laws will be prohibited from continuing with their transactions and will face fines.

https://www.out-law.com/en/articles/2018/september/turkish-restricts-foreign-currency-transactions/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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