Amendments to the Capital Movements Circular Have Been Published

Amendments have been made to the Capital Movements Circular dated 2 May 2018 (the “Circular“) by the letter of the Ministry of Treasury and Finance (the “Ministry“) dated 11 December 2025 and numbered 4426340.

With the amendments, the scope of the exceptions regarding the use of foreign currency loans without foreign currency income has been expanded.

1.Exception Regarding Sales and Liquidation Transactions of the Savings Deposit Insurance Fund (“SDIF”)

Within the scope of Article 1 of the Law No. 7076 on the Adoption of the Decree Law on Making Certain Arrangements within the Scope of the State of Emergency with Amendments and the Ministry’s approval, it has become possible for Türkiye-resident persons who have won the tenders conducted by the SDIF for the sales and liquidation transactions of companies subject to confiscation orders to use foreign currency loans without the requirement of foreign currency income, provided that such loans are used for the performance of share transfer agreements concluded in Turkish Lira in relation to such tenders.

2.Exception Regarding Sub-operators/Contractors in Privatization Tenders

Within the framework of tenders that are internationally announced and denominated in foreign currency under the Law No. 4046 on Privatization Practices, it has become possible for Türkiye-resident sub-operators/contractors who have entered into foreign currency-denominated contracts with the tender winners to use foreign currency loans without the requirement of foreign currency income, provided that such loans are used for the performance of such contracts.

3.Principles Regarding Document Submission and Loan Amount

For foreign currency loans to be used under both exceptions, the following requirements have been made mandatory:

• submission of the original copies of the relevant contracts containing the parties, subject matter, amount, date and signature pages to the intermediary bank or financial institution;
• the foreign currency loan amount to be intermediated shall not exceed the total amount specified in the contract; and
• the Central Bank of the Republic of Türkiye foreign currency selling rates on the date of loan utilization shall be taken as basis in calculating the maximum foreign currency loan amount that can be used.

You may access the full text of the amended Circular via this link. (Only available in Turkish)