THE CENTRAL BANK OF TURKEY SMOOTHENS OPERATIONAL MECHANICS FOR CROSS-BORDER REFINANCING DEALS

On 16 March 2021, the Central Bank of Turkey ("CBT") has amended Article 22 of its Capital Movements Circular originally dated 2 May 2018 (the "Capital Movements Circular") in an effort to smoothen the operational mechanics of refinancing cross-border loans by allowing the application of refinancing loan proceeds directly towards the repayment of existing facilities (without bringing such proceeds into Turkey).