Economic Development Foundation organised a panel entitled “Conversion of Foreign Currency Transactions to Turkish Liras” in the cooperation with Istanbul Tax Center ( IVM) on 27 November 2017.

During the panel in which Strategy and Business Development Director Gökhan Kilit and Istanbul Tax Center Chairman Prof. Hakan Üzeltürk delivered the opening speeches,  KPMG Tax Partner Certified Public Accountant Abdulkadir Kahraman, Group Tax Director of Anadolu Holding Can Doğan, Structure, Tax & Financial Regulations Management Director of Sabancı Holding Şerafettin Karakış participated in as panellists.

At the sessions moderated by Galatasaray University Lecturer Prof. Murat Develioğlu, it was stated that with the rise in exchange rate and the scaling up of the economic problems, the number of companies declaring concordat, to restructure their debts, is on the rise and that the Presidential Decree No: 85, which restricts foreign currency, aims to increase the value of the Turkish Lira against foreign currencies. It was also remarked that such capital controls were also done in 1980’s and the measures taken are not severe but reasonable.