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TR-TR 
The Communiqué Amending the Communiqué No. 32 on the Protection of the Value of Turkish Currency (“Communiqué No. 2021-32/64”) is published by the Ministry of Treasury and Finance in the Official Gazette dated 18 November 2021 and numbered 31663.
With the Communiqué No. 2021-32/64, the provision regarding share transfers under Communiqué No. 32 on the Protection of the Value of Turkish Currency (“Communiqué No. 32”) which requires documentation proving that the fee determined under the Regulation on Fees to be Collected under the Law on Protection of Value of Turkish Currency No. 1567 has been paid in the application for permission to transfer the shares of the authorized establishments to persons other than the existing shareholders has been amended. Accordingly, the obligation of such documentation has been introduced concerning applications for permission to transfer the shares of all authorized establishments whether the recipient is already a shareholder or not.
With the previous amendment dated October 12, 2021, made to the Communiqué No. 32, which received a negative reaction, it was made compulsory for authorized institutions to record the identity of those who wanted to exchange foreign currency. In the said amendment, the authorized institutions were obliged to obtain the Turkish identity number/passport number and/or tax number of the customers in all transactions they carry out. In addition, it has been regulated that the Turkish identity number or passport number declared by the customer shall be checked and recorded through the relevant document which should include a photograph of the customer and also, the tax number declared by the customer shall be checked and recorded with the authorization documents stating that the person is authorized to act on behalf of the relevant company.
With the amendment brought with the Communiqué No. 2021-32/64, this obligation to present identity has not been removed, but a transaction lower limit has been introduced. Accordingly, the above-mentioned obligation to check and record identity information, which was previously introduced, or all transactions conducted by the authorized institutions, will now be applicable for transactions exceeding 100 US Dollars and/or its equivalent Turkish Lira.
Lastly, the Communiqué No. 2021-32/64 stipulates that the Ministry of Treasury and Finance is authorized to take all kinds of measures it deems necessary to ensure the implementation of this Communiqué No. 2021-32/64, to evaluate force majeure or mandatory conditions, to determine transaction limits, to resolve hesitant matters, and to examine and conclude special cases other than those stipulated under the Communiqué No. 2021-32/64.
Following the comments on this amendment of the authorities of the Ministry of Treasury and Finance, the Ministry of Treasury and Finance made a statement about the phrase "determination of transaction limits". In the statement, the Ministry of Treasury and Finance reminded that with the Communiqué No. 2021-32/64, the lower limit of transaction which requires recording of identity in trading transactions by foreign exchange offices was re-determined as over 100 US Dollars and its equivalent in Turkish Lira. It was emphasized that the expression "to determine the transaction limits" in the said amendment is for this identification requirement only, and it expresses an authorization to increase or decrease the mentioned 100 US Dollar transaction lower limit. Further, it was stated that foreign exchange trading takes place freely between buyers and sellers in the market and that the regulation does not interfere with the free market.
Finally, along with this statement the Ministry of Treasury and Finance, the phrase "to determine transaction limits" was changed to "to determine transaction limits for identity presentation" with the Communiqué No. 2021-32/65 published in the 1st reiterated Official Gazette dated 8 November 2021 and numbered 31663.
Simge Kılıç, Esra Temur
