BDDK Decision Regulating Credit Usage of Companies Subject to Independent Audit Has Been Published.

With Decision No. 10250 of the Banking Regulation and Supervision Board (BDDK) dated Friday, 24 June 2022, restrictions have been placed on the loans that companies with foreign currency assets may use.

The BDDK Decision Regulating Credit Usage of Companies Subject to Independent Audit Has Been Published.

Companies subject to the new credit regulation:

1. The company must be subject to independent audit under the Decree-Law No. 660 and related regulations.

2. The TRY equivalent of the company's foreign currency cash assets (including gold, foreign banknotes and FX deposits at banks) must exceed TRY 15 million.

3. The TRY equivalent of the company's foreign currency cash assets must exceed 10% of the higher of the company's total assets or net sales revenue for the last 12 months.

All three conditions must be met simultaneously for a company to fall within the scope of this Decision.