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Turkish Banking Regulatory Authority Decision on Credit Utilization of Companies Subject to Independent Audit

MGC LEGAL

With the decision of the Banking Regulation and Supervision Agency dated 24 June 2022 and numbered 10250, it was decided not to extend a new commercial cash loan in Turkish Lira to companies subject to independent audit whose foreign currency cash assets exceeded TRY 15 million.

Companies that meet all three of the following three conditions are restricted from using Turkish Lira credit.

  1. The fact that the company is a company subject to independent audit (determined in accordance with the Decree-Law No. 660 and related regulations),
  2. The TRY equivalent of the company’s cash assets in foreign currency is more than 15 million Turkish Lira,
  3. The value of the company’s cash assets in foreign currency exceeds 10 per cent, which is greater than the company’s total assets or the company’s net sales revenue for the last one year.
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