The Regulation Amending the Regulation on the Procedures and Principles Regarding the Monitoring of Transactions Affecting the Foreign Exchange Position by the Central Bank of the Republic of Türkiye was published in the Official Gazette. The amendments to the Regulation will enter into force on 1 January 2024. 

Application of Summary Foreign Exchange Position Reporting 

• Pursuant to Article 44 of the Law No. 1211 on the Central Bank of the Republic of Türkiye, which was amended by the Law No. 7061 dated 28 November 2017, the foreign exchange position reporting which the firms are obliged to make to the Central Bank regarding their foreign exchange assets and liabilities, was simplified and scope of the reporting was amended.
• Pursuant to this regulation, the Summary Foreign Exchange Position Reporting practice, which was initiated in March 2023, for firms with a total cash and non-cash credit balance equal to or exceeding TRY 10 million, was terminated.
• The requirement of having  liabilities in form of foreign exchange loans, equal to or exceeding USD 15 million, which was stipulated in the determination of the companies subject to the reporting duties, was amended and the new criteria for the reporting duties are provided as (i) having a total cash loan balance  equal to or exceeding TRY 100 million as of the last business day of the relevant monthly accounting period or (ii) having a net sales revenue or assets equal to or exceeding TRY 500 million in the previous one-year accounting period.