BANKING FEES CHARGED BY TURKISH BANKS TO COMMERCIAL CLIENTS ARE IN EFFECT AS OF 1 APRIL 2020
On 10 February 2020, the Central Bank of the Republic of Turkey (the "Central Bank") published the Communiqué on Fees Payable to the Banks by Commercial Clients (No. 2020/4) (the "Communiqué"). The Communiqué authorises the Central Bank to set forth limits and determine caps applicable to the fees chargeable by Turkish banks from their corporate and commercial clients, in a bid to ensure transparency and foreseeability of costs in the Turkish banking sector.
Although all provisions of the Communiqué was initially contemplated to enter into force as of 1 March 2020, the entry into force of the major provisions of the Communiqué (except for articles 1-4, 15, 20 and 22) was postponed to 1 April 2020.