Turkish Currency Law and Repatriation of Investment Proceeds: Decree No. 32, Law No. 1567, FDI Law No. 4875 and Anti-Money Laundering Rules for Foreign Investors

Under Turkish currency law, non-residents may buy and sell Turkish securities through banks and investment firms authorised under capital markets legislation, and may transfer the income and sale proceeds abroad through banks (Decree No. 32 on the Protection of the Value of the Turkish Currency, Art. 15(4)(i)). They may also buy foreign currency from banks and investment firms (Art. 4(d)) and transfer foreign currency abroad through banks (Art. 4(e)). A stake that reaches 10% of a listed company’s shares or voting rights through the exchange counts as foreign direct investment under Law No. 4875, which separately guarantees the free transfer of net profits, dividends, sale, liquidation and compensation amounts (Art. 3(c)). These freedoms rest on a decree made under Law No. 1567 that can be amended by Presidential decision, and they do not override court seizures, attachments or a postponement ordered under the anti-money laundering law (Law No. 5549 Art. 19/A). Banks report non-trade transfers abroad above USD 50,000 within 30 days. This guide explains how the rules apply to the money foreign institutions may receive in the 2026 cases: sale proceeds, dividends, fund liquidation payments, settlements and court awards. It reflects the legislation in force as at 26 October 2026.

Why currency rules matter in the 2026 cases

Foreign institutions affected by the 2026 fund and market manipulation cases may receive Turkish lira from several sources: the proceeds of selling shares on Borsa Istanbul, dividends, interim and final payments from investment funds being liquidated, amounts paid under settlements with intermediaries or issuers, compensation awarded by a Turkish court and amounts collected through enforcement offices. Each source raises the same practical questions. Can the lira be converted into foreign currency? Can it be sent abroad, and through whom? Who reports the transfer, and to which authority? Who can stop or delay it, and for how long?

The answers do not come from the Capital Markets Law. They come from the currency protection legislation (Law No. 1567 and Decree No. 32 made under it), from the Foreign Direct Investment Law No. 4875, and from the anti-money laundering law, Law No. 5549. Court seizure and attachment rules, which are discussed in other guides in this series, set the outer limit.

These rules matter for one more reason. Most of the Capital Markets Law is in a statute that only Parliament can change. The core currency rules are in a decree that the President can amend, under a power conferred by Law No. 1567 (Art. 1). A foreign institution planning to exit a position, or to collect a claim that may take years to resolve, should therefore know exactly which provision its transfer rests on, and should check that provision again when the money is ready to move.

The legal framework

Law No. 1567 on the Protection of the Value of the Turkish Currency dates from 1930 (Official Gazette 25 February 1930, No. 1433). Its Article 1, as amended by Law No. 7555 of 20 July 2025, empowers the President to regulate and restrict the purchase and sale of foreign exchange, currency, shares and bonds, precious metals and stones, their import and export, and to take decisions to protect the value of the Turkish currency. Article 3 sets the administrative fines for breaching those decisions.

Decree No. 32 is the main decision made under that power. It was adopted by Council of Ministers decision No. 89/14391 of 7 August 1989 and published in the Official Gazette of 11 August 1989 (No. 20249). It has been amended many times, more recently by Presidential decisions; the consolidated text on the official legislation portal reflects amendments up to Presidential Decision No. 10039 (Official Gazette 9 July 2025). The Decree sets the regulatory and restrictive principles for all transactions in foreign exchange and in instruments representing foreign exchange (including securities and other capital market instruments), and for capital movements, among other matters (Art. 1(1)). The Ministry of Treasury and Finance issues regulations, communiqués and circulars to implement it, and breaching the Decree or those implementing rules counts as breaching Law No. 1567 (Art. 1(2)). Special provisions in other laws and in international agreements are reserved (Art. 1(3)).

Communiqué No. 2008-32/34 (Official Gazette 28 February 2008, No. 26801) implements the Decree. Circulars issued by the Central Bank under the currency decisions and communiqués have the force of a communiqué (Communiqué Art. 16(1)); the most relevant for investors is the Central Bank’s Capital Movements Circular of 2 May 2018, as amended. Cases not covered by the Communiqué are examined and decided by the Ministry (Art. 16(2)).

The Foreign Direct Investment Law No. 4875 (Official Gazette 17 June 2003, No. 25141) governs direct investment. It defines when a shareholding is direct investment, guarantees freedom to invest, equal treatment, protection against expropriation without compensation, and free transfer of returns. Additional Article 1, on qualified service centres, was added by Law No. 7582 of 21 May 2026.

The anti-money laundering law, Law No. 5549 (Official Gazette 18 October 2006, No. 26323), imposes customer due diligence and suspicious transaction reporting on banks, investment firms and other obliged parties, and allows the Minister to postpone a transaction for up to seven working days (Art. 19/A).

Residents, non-residents and securities

Decree No. 32 does not distinguish by nationality but by residence. Persons resident in Turkey are natural and legal persons with a legal domicile in Turkey, including Turkish citizens working or self-employed abroad (Art. 2(b)). Non-residents are natural and legal persons not regarded as resident in Turkey (Art. 2(c)). A foreign fund, pension fund or asset manager with no legal domicile in Turkey is therefore a non-resident. A Turkish subsidiary of a foreign group, being incorporated in Turkey, is a resident, and the rules for residents apply to it.

The Decree’s definitions of instruments are broad. Securities are all Turkish and foreign securities traded on capital and money markets, and for the Decree’s purposes participation certificates of securities investment funds are treated as securities (Art. 2(i)). The terminology dates from 1991; units in today’s investment funds fall within the same notion and, in any event, within other capital market instruments, which are instruments other than securities determined by the Capital Markets Board (Art. 2(s)). Capital markets legislation means the Capital Markets Law No. 6362 and the rules made under it (Art. 2(p)). Banks are the deposit banks, participation banks and development and investment banks operating in Turkey (Art. 2(n)), and an investment firm (aracı kurum) is an institution authorised by the Capital Markets Board to carry on intermediation (Art. 2(v)). Foreign exchange includes every kind of account, document and instrument providing for payment in foreign currency, including banknotes (Art. 2(h)).

These definitions matter because the freedoms in the Decree are tied to channels. A non-resident’s securities transactions must go through banks and investment firms authorised under capital markets legislation, and transfers abroad must go through banks (Art. 15(4)(i)). Foreign exchange transactions under the Decree are carried out by the Central Bank, banks and other institutions approved by the Ministry (Art. 6(1)).

Portfolio investment or direct investment

Under Law No. 4875, a foreign investor includes legal persons established under foreign law and international organisations that make direct investment in Turkey (Art. 2(a)). Direct investment is made through assets such as cash capital in a convertible currency bought and sold by the Central Bank, company securities (excluding government bonds), machinery, industrial and intellectual property rights, or, from within Turkey, reinvested profits, revenues and money claims (Art. 2(b)). It takes one of two forms: establishing a new company or branch, or participating in an existing company through a share acquisition outside the stock exchange, or through an acquisition on the stock exchange that gives at least 10% of the shares or the same proportion of voting rights (Art. 2(b)(i)–(ii)).

A shareholding of less than 10% bought on Borsa Istanbul is therefore not direct investment within this definition. It is a portfolio investment, and the transfer of its income and sale proceeds rests on Decree No. 32 Art. 15(4)(i). Once an investor crosses the 10% threshold through the exchange, the holding falls within Law No. 4875 as well, and Decree No. 32 Art. 12(1) directs that direct investment is carried out under that Law.

Law No. 4875 Art. 3 then provides, unless international agreements and special laws provide otherwise, that foreign investors are free to make direct investment in Turkey and receive the same treatment as domestic investors (Art. 3(a)); that direct investment may not be expropriated or nationalised unless the public interest requires it and compensation is paid (Art. 3(b)); and that net profits, dividends, sale, liquidation and compensation amounts arising from the foreign investor’s activities and transactions in Turkey, amounts payable under licence, management and similar agreements, and foreign loan principal and interest, may be freely transferred abroad through banks or special finance institutions (Art. 3(c)). Decree No. 32 Art. 12(2) repeats the transfer guarantee for foreign investors. For disputes arising from investment contracts subject to private law, and investment disputes arising from public service concession contracts, national or international arbitration or other dispute resolution methods may be used in addition to the competent courts, provided the conditions in the relevant legislation are met and the parties agree (Law No. 4875 Art. 3(e)).

The 10% threshold in Law No. 4875 is a separate test from the disclosure thresholds, tender offer rules and approval requirements in capital markets and sector legislation, which have their own triggers. What crossing it changes is the legal source of the investor’s transfer and treatment guarantees. Where a treaty for the protection of investments applies between Turkey and the investor’s home state, whether a portfolio holding is a protected “investment” depends on that treaty’s own definition, which must be read in each case.

Buying and holding Turkish securities

Non-residents may buy and sell all kinds of securities and other capital market instruments (including those of foreign investment companies and investment funds) through banks and investment firms authorised under capital markets legislation (Decree No. 32 Art. 15(4)(i)). Securities and other capital market instruments may be freely brought into and taken out of Turkey (Art. 15(1)). Issues and offerings by non-residents in Turkey follow capital markets legislation (Art. 15(3)).

To fund purchases and receive payments, a non-resident may make payments, collections and deposits in Turkish lira in Turkey freely (Art. 3(b)) and may buy and sell foreign exchange with banks, authorised institutions, the PTT, precious metals intermediaries and investment firms (Art. 4(d)). Investment firms may buy and sell foreign exchange only with their own account-holding clients, and only to the extent needed to carry out capital markets activities (Art. 6(4)). The Central Bank and banks may open foreign currency deposit accounts for non-residents; holders may freely dispose of the balances, and exchange differences are for the account holder (Art. 19(1)–(2)). Foreign currency is bought and sold at the rates valid on the transaction date, and the value of foreign currencies against the lira is determined under the Central Bank’s procedures (Art. 5).

Capital market instruments, including foreign capital market instruments, depository receipts and foreign investment fund units, may be created, issued and traded in foreign currency under capital markets legislation, and obligations arising from such transactions may be agreed in foreign currency (Communiqué No. 2008-32/34 Art. 8(18)). The general ban on agreeing prices in foreign currency applies to listed types of contracts between persons resident in Turkey among themselves (Decree No. 32 Art. 4(g)); it does not reach a contract between a resident and a non-resident.

Converting and transferring proceeds

When a non-resident sells Turkish securities, the Decree treats the transfer abroad of the sale proceeds and of the income from the securities as free, provided it is made through banks (Art. 15(4)(i)). Two further provisions apply to every transfer, whatever its source. Residents and non-residents may have foreign currency transferred abroad through banks freely, and the Ministry may designate other institutions through which transfers can be made (Art. 4(e)). Turkish lira and instruments providing for payment in Turkish lira may be freely taken out of and brought into Turkey (Art. 3(a)), subject to rules for cash carried by travellers.

In practice, a non-resident’s lira proceeds are credited to its account with its Turkish investment firm or custodian bank. The investor may keep them in lira, convert them into foreign currency with a bank or with the investment firm (within Art. 6(4)), and instruct a bank to transfer the currency abroad. None of these steps requires a licence from the Ministry under the Decree. The steps do require the bank or firm to identify the customer and, where relevant, the persons on whose behalf the transaction is carried out, before the transaction (Law No. 5549 Art. 3(1)).

Reporting by banks. Banks report information on transfers abroad of Turkish lira exceeding the equivalent of USD 50,000, other than those relating to imports, exports and invisible transactions, within 30 days of the transfer to the authorities designated by the Ministry (Decree No. 32 Art. 3(c)). They report foreign currency transfers abroad exceeding USD 50,000 or its equivalent, on the same basis and including transfers from foreign currency deposit accounts, within 30 days (Art. 4(e)); the Communiqué designates the Central Bank as the recipient (Communiqué No. 2008-32/34 Art. 3(8)). These are reports by the bank, not approvals. A transfer is not conditional on them, but the investor should expect the bank to ask for the information it needs to make them.

Dividends, fund liquidation payments and compensation

Dividends. Dividends on Turkish shares are income from securities. For a non-resident, their transfer abroad through banks falls within Decree No. 32 Art. 15(4)(i); for a direct investor, Law No. 4875 Art. 3(c) names dividends expressly. How and when a listed company distributes profit is a separate question governed by company and capital markets law, discussed in our guide on dividends. Tax on dividends is also a separate matter and is not covered here.

Fund liquidation payments. Units in Turkish investment funds are treated as securities for the purposes of the Decree (Art. 2(i)). Payments made to unitholders when a fund is liquidated are paid in respect of those units, and a non-resident may receive them in lira (Art. 3(b)), convert them (Art. 4(d)) and transfer the resulting currency abroad through banks (Art. 4(e)). The Decree does not name fund liquidation payments separately for portfolio investors; the general freedoms are what apply. For direct investors, Law No. 4875 Art. 3(c) and Decree No. 32 Art. 12(2) name “liquidation” amounts expressly. The law on liquidating the funds affected by the 2026 cases, Law No. 7596, was approved by Parliament on 22 October 2026 but, as at 26 October 2026, had not been published in the Official Gazette; the timing and method of payments will be those set by that law and the liquidation process, while conversion and transfer abroad remain governed by the currency rules described here.

Settlement amounts and compensation. Money received under a settlement with an investment firm, a portfolio management company or an issuer, compensation awarded by a Turkish court and amounts collected through an enforcement office all reach the investor in Turkey before they leave it. For portfolio investors, their conversion and transfer abroad rest on the same general freedoms in Arts. 3(b), 4(d) and 4(e). For direct investors, Law No. 4875 Art. 3(c) and Decree No. 32 Art. 12(2) name “compensation” (tazminat) amounts expressly. Payments by the Investor Compensation Centre, established under Capital Markets Law Art. 83, are in the same position once paid.

Currency of claims, settlements and enforcement

Most losses on Borsa Istanbul shares are measured in lira, and Turkish courts award compensation in lira. A money debt is paid in the national currency; where a foreign currency has been agreed, the debtor may pay in lira at the rate on the payment date unless the contract requires payment in the foreign currency itself, and if the debt is not paid when due, the creditor may demand payment in the foreign currency or in lira at the rate on the due date or on the actual payment date (Turkish Code of Obligations No. 6098 Art. 99). How interest and losses exceeding default interest, including losses from currency movements, are claimed is explained in our guide on calculating damages; the interest rules were changed with effect from 31 July 2026 (Law No. 3095 Art. 1, as amended by Law No. 7589).

Two points are specific to the currency regime. First, because the ban on foreign currency pricing in Decree No. 32 Art. 4(g) applies only to listed contracts between residents, a settlement agreement between a non-resident investor and a Turkish counterparty may be expressed in a foreign currency. If the parties want payment in that currency itself, the agreement should say so expressly, since without an “effective payment” clause the debtor may pay in lira at the rate on the payment date (Art. 99(2)). Second, unless a higher contractual or default rate has been agreed, interest on a foreign currency debt is charged at the highest rate paid by state banks on one-year deposits in that currency (Law No. 3095 Art. 4/a).

For enforcement, a creditor’s request to the enforcement office must state the amount of the claim in Turkish lira and, where the claim is in a foreign currency, the date of the exchange rate on which it is claimed; a creditor living abroad must give an address in Turkey, failing which the place of the enforcement office is treated as its address (Enforcement and Bankruptcy Law No. 2004 Art. 58). Amounts collected and paid out to the creditor then become ordinary lira funds that can be converted and transferred under the Decree.

Where the freedom stops: courts and anti-money laundering rules

The freedoms in Decree No. 32 govern the relationship between the investor and the currency regime. They do not prevail over orders that freeze the money itself. Funds or securities that are seized in criminal proceedings, made subject to a precautionary attachment or an interim injunction, or attached in enforcement proceedings cannot be transferred while the order stands. For book-entry securities, attachments and injunctions are carried out by members of the Central Registry Agency (Capital Markets Law Art. 13(7)). Those orders, and how to challenge them, are covered in our guides on freezing assets and on the central registry.

Customer due diligence. Obliged parties, which include those operating in banking and capital markets (Law No. 5549 Art. 2(1)(d)), must identify the persons carrying out transactions and those on whose behalf they are carried out, and take other necessary measures, before the transaction (Art. 3(1)). A foreign institution should expect requests for its constitutional documents, authorised signatories, ownership and control structure and the source of the funds being moved.

Suspicious transaction reports. Where there is any information, suspicion or reason to suspect that assets involved in a transaction carried out or attempted with or through an obliged party were obtained illegally or are used for illegal purposes, the obliged party must report the transaction to the Financial Crimes Investigation Board, MASAK (Art. 4(1)). It may not disclose that a report has been made to anyone, including the parties to the transaction, except to inspectors and courts (Art. 4(2)). An investor will therefore not normally be told that a report has been made.

Postponement. Where there is a suspicion that the assets involved in a transaction attempted or in progress are linked to laundering or terrorist financing, the Minister may suspend the transaction, or refuse to allow it to be carried out, for seven working days, so that MASAK can confirm the suspicion, analyse the transaction or refer the results to the competent authorities (Art. 19/A(1)); the Minister may delegate this power to a deputy minister. The power may also be used on a reasoned request from a foreign counterpart unit, on the basis of reciprocity, where MASAK also sees a suspicion (Art. 19/A(2)). An obliged party that carries out a suspended or prohibited transaction in breach of the decision is fined an amount equal to the transaction, subject to a statutory minimum (Art. 19/A(3)).

The State’s power to change the rules

The currency regime can be changed without a new statute. Law No. 1567 Art. 1 empowers the President to regulate and restrict the transactions it lists and to take decisions to protect the value of the Turkish currency. Decree No. 32 itself gives the Ministry of Treasury and Finance wide powers: to take any measure it considers necessary to implement the Decree and protect the value of the currency, to examine and decide special cases not covered by the Decree, and to change the amounts set in the Decree and set new ones (Art. 20(1)); and to require information and documents from natural and legal persons in the form and within the periods it sets (Art. 20(2)).

The Decree also provides for inspection. Persons in Turkey, with exceptions for those enjoying immunity under special laws and agreements, must give inspectors the information they request in writing and produce books and documents; the Ministry may suspend their activities partially or completely, temporarily or permanently, or make subsequent transactions conditional on collateral (Art. 21). Banks, authorised institutions, the PTT, precious metals intermediaries and investment firms found to have breached the currency rules or failed to meet their obligations under the Decree may have their authority to intermediate foreign exchange transactions removed in whole or in part (Art. 21).

For a foreign institution, two consequences follow. First, a transfer route that is open today should be confirmed on the date the money moves, particularly for claims that will take years to collect. Second, special provisions in other laws and international agreements are reserved (Decree No. 32 Art. 1(3)), and Law No. 4875 applies “unless international agreements and special laws provide otherwise” (Art. 3). Where a treaty binding on Turkey contains transfer provisions, it is relevant to any later restriction.

Sanctions under Law No. 1567

A person who breaches the obligations in the general and regulatory acts the President has made under Law No. 1567 is liable to an administrative fine within a range set in Article 3 (Art. 3, first paragraph). The base amounts in the Law are revalued each year under Misdemeanours Law No. 5326 Art. 17(7), so the current range should be checked at the time; we do not quote it here. Where the offence is committed for the benefit of a legal person, the same fine is also imposed on that legal person. Repeating the same misdemeanour within five years after the earlier decision became final doubles the fine. Where the subject of the misdemeanour is foreign currency, the fine is calculated using the Central Bank’s selling rate on the date of the act, and late interest at the delay surcharge rate set under Law No. 6183 runs from the date of the act until collection. The public prosecutor decides on fines under Article 3.

Article 3 also provides for fines related to the value of the assets where the act consists of taking the assets listed in Article 1 out of, or bringing them into, Turkey without permission and is not a crime or misdemeanour under the anti-smuggling law; for failing to bring receivables from exports and imports of goods, services and capital into Turkey within the periods set; and for sham transactions intended to smuggle currency. Unauthorised activity in areas that require a permit under the Law, such as trading foreign exchange commercially, is fined and all activities at the premises are suspended for one month (Art. 3; Art. 4 lists the activities requiring permission from the Ministry).

These provisions mainly concern banks, intermediaries and exporters. A foreign portfolio investor that buys, sells and transfers through authorised banks and investment firms, as Art. 15(4)(i) requires, uses the channels the Decree sets. The practical risk for such an investor is less a fine than a delayed transfer while a bank completes its checks.

Reporting and the documentary trail

Several reports are made about an investor’s flows, almost all by intermediaries. Banks report large non-trade transfers abroad within 30 days (Decree No. 32 Arts. 3(c) and 4(e); Communiqué Art. 3(8)). Banks, authorised institutions and precious metals intermediaries provide the Central Bank with the statistical information it requests on foreign exchange transactions, and the Central Bank may examine them (Decree No. 32 Art. 21). Foreign direct investors themselves report statistical information on their investments under the implementing regulation, and that information may not be used as evidence for purposes other than statistics (Law No. 4875 Art. 4).

For the investor, the useful records are the ones the intermediaries issue: contract notes and settlement statements for sales; corporate action and dividend statements; fund liquidation statements; foreign exchange purchase documents and Turkish lira transfer documents (Decree No. 32 Art. 23); and SWIFT confirmations for transfers. Central Registry Agency records of holdings and movements, discussed in our central registry guide, complete the chain. Kept together, they show that each lira amount came from an identified source and left Turkey through the channels the Decree requires, which is what a bank’s due diligence, an auditor or, if it comes to it, a court will want to see.

Points for foreign institutional investors

1. 1. Confirm residence status. A foreign entity with no legal domicile in Turkey is a non-resident (Decree No. 32 Art. 2(c)); a Turkish subsidiary is a resident and is subject to different rules.
2. 2. Monitor the 10% threshold. A holding of 10% or more of shares or voting rights acquired through the exchange is direct investment under Law No. 4875 Art. 2(b), with its own guarantees and reporting duties.
3. 3. Use authorised channels. Trades through banks and investment firms authorised under capital markets legislation, transfers through banks (Art. 15(4)(i)); currency conversion with investment firms is limited to their account-holding clients and capital markets activities (Art. 6(4)).
4. 4. Map the sources of lira. Sale proceeds, dividends, fund liquidation payments, settlements and awards may rest on different provisions; record each source.
5. 5. Prepare the due diligence file in advance. Banks must identify customers and beneficial parties before transacting (Law No. 5549 Art. 3); delays often come from incomplete files.
6. 6. Check for orders before instructing a transfer. Seizures, attachments and injunctions block transfers regardless of the currency freedoms.
7. 7. Draft settlement currency clauses carefully. A settlement with a Turkish counterparty may be in foreign currency, but without an effective payment clause the debtor may pay in lira at the payment-date rate (Code of Obligations Art. 99).
8. 8. Keep the documentary trail. Foreign exchange and transfer documents (Decree No. 32 Art. 23) and Central Registry Agency records.
9. 9. Recheck the rules when the money is ready. The regime can be amended by Presidential decision under Law No. 1567 Art. 1.
10. 10. Treat tax separately. Withholding and other taxes on dividends, gains and payments are governed by tax law and any applicable tax treaty, not by the currency rules.

Time limits and thresholds

Frequently asked questions

Can a foreign investor transfer the proceeds of selling Turkish shares abroad?

Yes. For non-residents, buying and selling securities through authorised banks and investment firms and transferring the income and sale proceeds abroad through banks is free (Decree No. 32 Art. 15(4)(i)).

Does a foreign investor need a permit to convert lira into foreign currency?

No permit is required under the Decree. Non-residents may buy and sell foreign currency with banks and investment firms, among others (Art. 4(d)); investment firms may do so only with their account-holding clients and for capital markets activities (Art. 6(4)).

When does a listed shareholding become foreign direct investment?

When at least 10% of the shares, or the same proportion of voting rights, is acquired through the stock exchange; acquisitions outside the exchange are direct investment regardless of size (Law No. 4875 Art. 2(b)).

What does Law No. 4875 guarantee to direct investors?

Freedom to invest and equal treatment, protection against expropriation without public interest and compensation, and free transfer of net profit, dividends, sale, liquidation and compensation amounts through banks (Art. 3(a)–(c)), unless international agreements and special laws provide otherwise.

Are fund liquidation payments transferable abroad?

Fund units are treated as securities under the Decree (Art. 2(i)), and a non-resident may receive lira, convert it and transfer the currency through banks (Arts. 3(b), 4(d), 4(e)). Law No. 7596 on the fund liquidations had not been published as at 26 October 2026.

Who reports large transfers abroad?

Banks, within 30 days, for non-trade transfers above USD 50,000 or its equivalent (Decree No. 32 Arts. 3(c), 4(e); Communiqué Art. 3(8)).

Can a court order stop a transfer?

Yes. Seizures, precautionary attachments, interim injunctions and enforcement attachments freeze the assets concerned while they stand, whatever the currency rules allow.

How long can a transfer be postponed under the anti-money laundering law?

Up to seven working days, by decision of the Minister or a deputy minister to whom the power is delegated (Law No. 5549 Art. 19/A(1)).

Will a bank tell the investor that it has filed a suspicious transaction report?

No. Disclosure to anyone other than inspectors and courts, including the parties to the transaction, is prohibited (Law No. 5549 Art. 4(2)).

Can the currency rules be changed?

Yes. The President has power to make and amend the rules under Law No. 1567 Art. 1, and the Ministry has wide implementing powers under Decree No. 32 Art. 20.

Can a settlement with a Turkish broker be expressed in US dollars or euros?

Yes. The ban on foreign currency pricing in Decree No. 32 Art. 4(g) applies to listed contracts between residents. To secure payment in the currency itself, include an effective payment clause (Code of Obligations Art. 99).

What must a foreign creditor state in a Turkish enforcement request?

The amount in Turkish lira and, for a foreign currency claim, the date of the exchange rate claimed; a creditor abroad must give an address in Turkey (Enforcement and Bankruptcy Law Art. 58).

Can a foreign investor hold foreign currency deposit accounts in Turkey?

Yes. Banks may open foreign currency deposit accounts for non-residents, and holders may freely dispose of the balances (Decree No. 32 Art. 19(1)).

Related guides

• Turkey’s 2026 Fund and Market Manipulation Crisis: Legal Guide for Foreign Institutional Investors — the entry point to this series
• Turkey Fund Liquidation 2026: Interim Payments and Liquidation Claims
• Freezing Assets in Turkey
• MKK Central Registry: Book-Entry Shares and Foreign Depository Accounts
• Calculating Damages in Turkish Securities Claims
• Dividends in Turkish Listed Companies
• Claims against Brokers, Custodians and Portfolio Managers in Turkey
• Criminal Code Offences in Turkish Capital Markets Cases
• Sue in Turkey or Abroad? Jurisdiction and Enforcement