Turkey
Turkey steers savings toward government debt through pension allocation rules, favourable bank capital treatment and tax relief, while foreign-exchange controls and selective credit rules support lira assets and state priorities. The bank securities-maintenance mandate and the restriction on lira borrowing by firms holding substantial foreign currency have been repealed, but other targeted controls remain.
- 12 in force
- 0 enacted
- 0 proposed or under discussion
Measures as of
How the index is built
Each segment is what one category of rules, or the market pillar, adds to the index. The full bar is 100.
- Captive demand 6.4
- Central bank financing 3.2
- Capital controls 12.2
- Rate caps 2.8
- Prudential sovereign bias 4.0
- Directed credit 6.0
- Tax incentives 2.8
- Real asset restrictions 2.4
- Transaction taxes 1.0
- Market pillar 9.9
Index = 80% × rules (51.0) + 20% × market (49.5) = 50.7
The method in plain words
- Rules pillar (0–100). Each of the 9 categories can add up to its weight (the weights sum to 100). A category's intensity grows with every in-force measure in it: one measure counts by its severity factor (0.25 for severity 1, 0.5 for 2, 0.8 for 3), and each further measure closes part of the remaining gap, so breadth adds with diminishing returns: two severity-3 measures give 96%.
- Market pillar (0–100). The average of the market readings below: how negative the real policy rate is, and how much of the government's debt is held by its own central bank and banks.
- Index. 80% rules + 20% market when market data exists, otherwise rules alone. Laws passed but not yet applying count only in the outlook; proposals never count.
The 9 categories
Weight = the most points a category can add to the rules pillar. Intensity = how much of that weight the in-force measures fill. Open a category to see the measures counted; “What is this?” shows the instruments behind it, worldwide and in history.
- Weight 16Intensity 50%Points 6.4
Mandated holdings of government debt by pension funds, insurers or banks. What is this? →
Captive demand: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 6.4 - Weight 16Intensity 25%Points 3.2
Central bank purchases of government debt, yield curve control, direct monetary financing. What is this? →
Central bank financing: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 3.2 - Weight 16Intensity 95%Points 12.2
Limits on moving money abroad, outbound investment limits, FX controls. What is this? →
Capital controls: measures counted in the index Measure counted Severity Factor Points 3 of 3 0.8 6.5 2 of 3 0.5 2.8 2 of 3 0.5 2.8 - Weight 14Intensity 25%Points 2.8
Caps or ceilings on deposit or lending rates, and administered interest rates. What is this? →
Rate caps: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 2.8 - Weight 10Intensity 50%Points 4.0
Prudential rules that favor sovereign debt (zero risk weights, liquidity-buffer rules, leverage-ratio exemptions). What is this? →
Prudential sovereign bias: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 4.0 - Weight 10Intensity 75%Points 6.0
State-directed lending, credit guidance, and mandates to invest domestically or in state priorities. What is this? →
Directed credit: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 3.0 2 of 3 0.5 3.0 - Weight 7Intensity 50%Points 2.8
Tax privileges for government bonds, or tax penalties on competing assets. What is this? →
Tax incentives: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 2.8 - Weight 6Intensity 50%Points 2.4
Rent controls, property curbs, and limits on owning gold, cash or crypto. What is this? →
Real asset restrictions: measures counted in the index Measure counted Severity Factor Points 2 of 3 0.5 2.4 - Weight 5Intensity 25%Points 1.0
Financial transaction taxes, stamp duties and similar levies on non-government assets. What is this? →
Transaction taxes: measures counted in the index Measure counted Severity Factor Points 1 of 3 0.25 1.0
Market pillar 49.5 / 100
The average of the readings that have data, worth 20% of the index (9.9 points here).
Real policy rate
0.0 / 1005.5% · Aug 2026
Policy rate minus inflation. A real rate of +2% or more scores 0; −5% or less scores 100; in between it scales in a straight line. Savers lose most when it is deeply negative.
Policy rate 37% minus consumer price inflation 31.507% (year on year), 2026-08.
Debt held by the central bank and domestic banks
99.1 / 10059.4% of government debt · 2025-Q4
Share of government debt held by the domestic central bank and domestic banks. 0% scores 0; 60% or more scores 100; in between it scales in a straight line.
Central bank 3.73% + domestic banks 55.7% of general government debt, 2025-Q4.
Indicators
Measured data from international sources, alongside the rules above. Real rates below zero mean savers lose purchasing power.
Policy rate, inflation and real rate
Who holds government debt
The liquidation effect follows Reinhart and Sbrancia: with a negative real rate, about −(real rate × debt) of GDP moves from savers to the state each year. It uses the policy rate, so treat it as a rough guide. Sources: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Measures
Every measure tracked here, with its legal basis and sources. Only in-force measures count in the index.
In force (12)
48/72-hour withdrawal holds and stablecoin transfer caps on crypto platforms
Adds 2.8 points to the index
A MASAK communiqué (General Communiqué No. 29) in force since 28 June 2025 requires platforms to wait at least 48 hours after the crypto was bought, swapped or deposited before executing withdrawals to wallets not registered with any provider, or to foreign providers with no duty to share sender/recipient data (Article 24/A(6)-(7) of the AML Measures Regulation), and at least 72 hours for a customer's first such withdrawal. All withdrawals of stablecoins, including to other platforms, are capped at USD 3,000 a day and USD 50,000 a month; the caps may be doubled where full Travel-Rule sender data under Article 24/A(1) is exchanged. Every crypto transfer needs a customer explanation of at least 20 characters. Platforms may exempt verified liquidity-provision, market-making or arbitrage customers with board approval given customer by customer.
Why it counts: Holds and hard USD caps on moving stablecoins and other crypto off domestic platforms throttle the lira-to-dollar-stablecoin-to-self-custody/offshore route that savers use to escape the lira and FX controls.
Legal basis Mali Suçları Araştırma Kurulu Genel Tebliği (Sıra No: 29), Article 4(3) and 2 more
Mali Suçları Araştırma Kurulu Genel Tebliği (Sıra No: 29), Article 4(3)Primary source
“kripto varlık transferini, transfer edilecek kripto varlığın alım, takas veya yatırma işleminden en az 48 saat sonra gerçekleştirir. Bu süre, ilk kripto varlık çekim işlemleri bakımından en az 72 saat olarak uygulanır.”
Mali Suçları Araştırma Kurulu Genel Tebliği (Sıra No: 29), Article 4(4)Primary source
“başka platformlara yapılan transfer işlemleri dahil, günlük 3.000 ABD Doları ve aylık 50.000 ABD Doları karşılığı tutarda limit uygulanır.”
Mali Suçları Araştırma Kurulu Genel Tebliği (Sıra No: 29), Article 6(1)Primary source
“MADDE 6- (1) Bu Tebliğ yayımı tarihinde yürürlüğe girer.”
Central-bank purchases for the government securities portfolio
Adds 3.2 points to the index
The central bank conducts outright purchases of domestic government debt and Treasury lease certificates for its open-market operations portfolio; it added about TRY 124 billion of such securities through outright purchases in the first four months of 2025. Its announced 2026 portfolio target is TRY 450 billion in nominal value, and 2026 purchases began in January.
Why it counts: Purchases add an official buyer for government debt and can support its price. The stated purpose is liquidity management, and the central bank found negligible market-price effects in its early assessment.
Legal basis CBRT, Monetary Policy for 2026, Paragraphs 45–46 (OMO portfolio and outright purchases) and 2 more
CBRT, Monetary Policy for 2026, Paragraphs 45–46 (OMO portfolio and outright purchases)Primary source
“In 2026, the CBRT’s OMO portfolio size has been set at nominal TRY 450 billion, reserving the option to make additional purchases.”
CBRT, Inflation Report 2026-I, Overview, Section 1 (liquidity) and Box 1.1Primary source
“The OMO outright portfolio purchases for 2026 began in January.”
Türkiye Cumhuriyet Merkez Bankası Kanunu (Law No. 1211), Madde 52 (açık piyasa işlemleri)Primary source
“Türk Lirası karşılığında menkul kıymet kesin alım satımı, geri alım vaadi ile satım ve geri satım vaadi ile alım işlemleri”
SPK licensing of crypto platforms and ban on foreign platforms serving residents
Adds 6.5 points to the index
Law No. 7518, published and in force on 2 July 2024, amended the Capital Markets Law so that crypto-asset service providers need a licence from the Capital Markets Board (SPK) and may only carry out activities the Board permits. Foreign platforms targeting Turkish residents (e.g. via a Turkish-language website, a local office or local marketing) are treated as unlicensed and had to stop such activity within three months; unlicensed activity carries 3-5 years' imprisonment. Crypto ATMs in Türkiye had to stop operating within three months.
Why it counts: Residents are channelled to domestic licensed platforms that sit inside Turkish supervision, KYC and lira banking, and lose legal access to offshore exchanges that offer an easier route out of the lira and away from domestic reporting.
Legal basis Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (Law No. 7518), Article 3, inserting Article 35/B(1) into Law No. 6362 and 3 more
Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (Law No. 7518), Article 3, inserting Article 35/B(1) into Law No. 6362Primary source
“Kripto varlık hizmet sağlayıcıların kurulabilmesi ve faaliyete başlaması için Kuruldan izin alınması zorunlu olup, bunlar münhasıran Kurulca belirlenecek faaliyetleri yerine getirir.”
Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (Law No. 7518), Inserting Article 99/A(1) into Law No. 6362Primary source
“Yurt dışında yerleşik platformlar tarafından Türkiye’de yerleşik kişilere yönelik faaliyette bulunulması ya da Kurulca yapılacak düzenlemeler kapsamında kripto varlıklara ilişkin yasaklanmış bir faaliyetin”
Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (Law No. 7518), Article 12, inserting Article 109/A(1) into Law No. 6362Primary source
“İzin almaksızın kripto varlık hizmet sağlayıcı olarak faaliyet yürüttüğü tespit edilen gerçek kişiler ve tüzel kişilerin yetkilileri üç yıldan beş yıla kadar hapis”
Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (Law No. 7518), Provisional article (4)-(5) on foreign providers and ATMsPrimary source
“Türkiye’de yerleşik kişilere yönelik faaliyetlerini bu maddeyi ihdas eden Kanunun yürürlüğe girdiği tarihi takip eden üç ay içinde sonlandırır.”
Loan-growth controls with preferred-sector exemptions
Adds 3.0 points to the index
The central bank applies reserve requirements linked to loan-growth limits, differentiated by loan type, with exemptions for some loan classes, such as loans to tradesmen. The exemption for earthquake-zone loans was withdrawn in March 2026.
Why it counts: Making non-preferred loan growth more costly directs bank funding toward favoured sectors and can make government securities more attractive than constrained private lending.
Legal basis Zorunlu Karşılıklar Hakkında Tebliğ (Sayı: 2013/15), consolidated text, Geçici Madde 16 (Ek: RG-7/3/2024-32482), fıkra 1–2 and 2 more
Zorunlu Karşılıklar Hakkında Tebliğ (Sayı: 2013/15), consolidated text, Geçici Madde 16 (Ek: RG-7/3/2024-32482), fıkra 1–2Primary source
“bu oranı aşan kredi tutarı kadar Türk lirası cinsinden zorunlu karşılık bloke olarak tesis edilir.”
Zorunlu Karşılıklar Hakkında Tebliğ (Sayı: 2013/15), consolidated text, Geçici Madde 16(2) (differentiation by loan type)Primary source
“Birinci fıkrada yer alan büyüme oranı Merkez Bankasınca belirlenen kredi türleri için daha yüksek uygulanabilir.”
Summary of the Monetary Policy Committee Meeting, No. 2026-19, Paragraph 6Primary source
“exemptions granted to loans extended to the earthquake zone were revoked, and the scope of tradesmen loans, classified as exempt loans, has been narrowed.”
Central-bank credit for strategic domestic investment
Adds 3.0 points to the index
The restructured investment-commitment advance-loan programme channels central-bank funding through banks to projects assessed against technology and strategy criteria. Its total programme limit was raised to TRY 750 billion, with TRY 150 billion allocated to 2026.
Why it counts: The programme directs financing toward state-selected domestic investments on administered terms, reducing the role of market pricing in allocating credit.
Legal basis CBRT Press Release on Advance Loans Against Investment Commitment, No. 2023-48 and 1 more
CBRT Press Release on Advance Loans Against Investment Commitment, No. 2023-48Primary source
“taking into account the Technology/Strategy score of the firms’ investment projects with a minimum total investment amount of TRY 1 billion will be eligible for allocation of ALAIC via intermediary banks.”
Para Politikası Kurulu Toplantı Özeti, Sayı 2026-42, Paragraf 6Primary source
“Yatırım taahhütlü avans kredisi (YTAK) kapsamındaki program limitleri 300 milyar TL’den 750 milyar TL’ye çıkarılmıştır.”
Government securities floor for pension state-contribution funds
Adds 6.4 points to the index
Funds investing cash state contributions to private pensions must place at least 50% in lira-denominated Treasury debt, revenue-sharing securities or Treasury lease certificates. This requirement applies to the state-contribution portfolio, rather than all participants' pension savings.
Why it counts: The allocation floor creates a captive pool of pension assets for government financing and limits diversification of the state-funded portion.
Legal basis Bireysel Emeklilik Sisteminde Devlet Katkısı Hakkında Yönetmelik, Article 14(1)(a) and 1 more
Bireysel Emeklilik Sisteminde Devlet Katkısı Hakkında Yönetmelik, Article 14(1)(a)Primary source
“Türk Lirası cinsinden borçlanma araçlarında, gelir ortaklığı senetlerinde veya kira sertifikalarında”
Bireysel Emeklilik Sisteminde Devlet Katkısı Hakkında Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik, Article 1; Article 2 (transitional Article 3)Primary source
“14 üncü maddesinin birinci fıkrasının (a) bendinde yer alan “yetmişi” ibaresi “ellisi” şeklinde”
Compulsory conversion of export proceeds
Adds 2.8 points to the index
Exporters must sell the prescribed share of foreign-currency export proceeds covered by export acceptance or currency purchase certificates to their bank for onward sale to the central bank. Conversion takes place at the official transaction exchange rate under the export circular and its implementation instructions.
Why it counts: Mandatory conversion reduces exporters' ability to retain foreign-currency earnings and channels funds into lira balances and central-bank reserves.
Legal basis İhracat Genelgesi ve Görünmeyen İşlemler Genelgesi Kapsamında Türkiye Cumhuriyet Merkez Bankasına Yapılacak Döviz Satışına Dair Uygulama Talimatı, Articles 2, 3(1)(f), 4(1), 4(3)–(6), 5 and 7
İhracat Genelgesi ve Görünmeyen İşlemler Genelgesi Kapsamında Türkiye Cumhuriyet Merkez Bankasına Yapılacak Döviz Satışına Dair Uygulama Talimatı, Articles 2, 3(1)(f), 4(1), 4(3)–(6), 5 and 7Primary source
“oran kadarı, İBKB veya DAB’ın düzenlendiği tarihteki işlem kuru üzerinden Merkez Bankasına satılmak üzere İBKB veya DAB’ı düzenleyen bankaya satılır.”
Zero withholding tax on qualifying government securities
Adds 2.8 points to the index
Qualifying domestic Treasury bonds, Treasury bills and Treasury lease certificates acquired within the relief window receive a 0% withholding rate on income and gains. The acquisition deadline has been extended to 31 December 2026; the relief does not cover overseas-issued Eurobonds under this withholding regime.
Why it counts: The tax preference increases government securities' after-tax returns relative to taxable deposits and many private debt instruments, encouraging savings to finance the state.
Legal basis Cumhurbaşkanı Kararı No. 4937 — 193 sayılı Gelir Vergisi Kanununun geçici 67 nci maddesinde yer alan tevkifat oranları hakkında Karar (adding geçici madde 4 to the annex of BKK 2006/10731), Ek Karar, Madde 1 (geçici madde 4(1)) and 2 more
Cumhurbaşkanı Kararı No. 4937 — 193 sayılı Gelir Vergisi Kanununun geçici 67 nci maddesinde yer alan tevkifat oranları hakkında Karar (adding geçici madde 4 to the annex of BKK 2006/10731), Ek Karar, Madde 1 (geçici madde 4(1))Primary source
“Bu Kararın 1 inci maddesinin birinci fıkrasının (a) bendinin (1) ve (3) numaralı alt bentleri ile (ç) bendinde yer alan oranlar %0 uygulanır.”
Cumhurbaşkanı Kararı No. 11444 — 193 sayılı Gelir Vergisi Kanununun geçici 67 nci maddesinde yer alan tevkifat oranları hakkında Karar, Ek Karar, Madde 1Primary source
“22/7/2006 tarihli ve 2006/10731 sayılı Bakanlar Kurulu Kararının eki Kararın geçici 4 üncü maddesinde yer alan “30/6/2026” ibaresi “31/12/2026” şeklinde değiştirilmiştir.”
Gelir Vergisi Kanunu (Law No. 193), consolidated text, Geçici Madde 67(2) (exclusion of securities issued abroad)Primary source
“Hazine ve 4749 sayılı Kanuna göre kurulan varlık kiralama şirketleri tarafından yurt dışında ihraç edilen menkul kıymetlerden elde edilenler hariç”
Ban on crypto-asset payments
Adds 2.4 points to the index
Under a central-bank regulation published on 16 April 2021 and in force from 30 April 2021, crypto assets may not be used directly or indirectly in payments, and no service may be offered for their use in payments. Payment service providers may not build business models using crypto assets, and payment and electronic-money institutions may not intermediate fund transfers to or from crypto trading, custody, transfer or issuance platforms. The regulation does not itself prohibit owning crypto.
Why it counts: By cutting crypto off from payments and from the e-money/payment-institution rails, the rule stops bitcoin or stablecoins from functioning as a parallel currency to the lira and narrows on- and off-ramps to the bank-account channel.
Legal basis Regulation on the Disuse of Crypto Assets in Payments (Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik), Articles 2–5 and 3 more
Regulation on the Disuse of Crypto Assets in Payments (Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik), Articles 2–5Primary source
“Crypto assets shall not be used directly or indirectly in payments.”
Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik, Article 3(2)-(3)Primary source
“(2) Kripto varlıklar, ödemelerde doğrudan veya dolaylı şekilde kullanılamaz. (3) Kripto varlıkların ödemelerde doğrudan veya dolaylı şekilde kullanılmasına yönelik hizmet sunulamaz.”
Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik, Article 4(2)Primary source
“Ödeme ve elektronik para kuruluşları, kripto varlıklara ilişkin alım satım, saklama, transfer veya ihraç hizmeti sunan platformlara veya bu platformlardan yapılacak fon aktarımlarına aracılık edemez.”
Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik, Article 5(1)Primary source
“MADDE 5 – (1) Bu Yönetmelik 30/4/2021 tarihinde yürürlüğe girer.”
Interest-rate ceilings on credit cards and overdrafts
Adds 2.8 points to the index
The central bank sets maximum contractual and overdue interest rates for credit cards using a reference-rate formula. Overdraft rates are also subject to central-bank ceilings, and banks may charge less than the maximum.
Why it counts: Capping returns on these loans can constrain what banks are willing to pay depositors, although the rule does not directly cap deposit rates.
Legal basis Kredi Kartı İşlemlerinde Uygulanacak Azami Faiz Oranları Hakkında Tebliğ (Sayı: 2020/16), Articles 3–7; transitional Article 1 and 1 more
Kredi Kartı İşlemlerinde Uygulanacak Azami Faiz Oranları Hakkında Tebliğ (Sayı: 2020/16), Articles 3–7; transitional Article 1Primary source
“aylık azami akdi faiz oranlarına 30 baz puan eklenerek belirlenir.”
Mevduat ve Kredi Faiz Oranları ve Katılma Hesapları Kâr ve Zarara Katılma Oranları Hakkında Tebliğ (Sayı: 2020/3), Article 4(2)Primary source
“uyarınca Türkiye Cumhuriyet Merkez Bankası tarafından belirlenen azami oranları geçemez.”
Tax on foreign-currency purchases
Adds 1.0 points to the index
Foreign-currency purchases generally incur banking and insurance transaction tax of 0.2% of the currency sale amount.
Why it counts: The tax raises the cost of switching savings from lira into foreign currency, favouring domestic-currency deposits and securities.
Legal basis Gider Vergileri Kanunu (Law No. 6802), consolidated text, Madde 31 (matrah) and Madde 33 (nispet), with footnote [8] on Presidential Decision 3031 and 1 more
Gider Vergileri Kanunu (Law No. 6802), consolidated text, Madde 31 (matrah) and Madde 33 (nispet), with footnote [8] on Presidential Decision 3031Primary source
“Kambiyo muamelelerinde nispet matrahın binde ikisidir.”
Gider Vergileri Kanunu (Law No. 6802), consolidated text — footnote to Madde 33, Footnote [8] (Cumhurbaşkanı Kararı No. 3031, RG 30/9/2020, No. 31260)Primary source
“nisbetler, 30/9/2020 tarihli ve 31260 sayılı Resmî Gazete’de yayımlanan 3031 sayılı Cumhurbaşkanı Kararı ile (binde iki) olarak değiştirilmiştir.”
Zero capital risk weight for lira sovereign exposures
Adds 4.0 points to the index
Bank capital rules assign a 0% credit-risk weight to claims on the central government and central bank denominated and funded in Turkish lira.
Why it counts: Banks can hold qualifying government debt without the credit-risk capital charge attached to ordinary private lending, making sovereign assets cheaper to hold.
Legal basis Bankaların Sermaye Yeterliliğinin Ölçülmesine ve Değerlendirilmesine İlişkin Yönetmelik (RG 23/10/2015, No. 29511), EK-1 — Risk Ağırlıklı Tutar Hesaplamasında Kullanılacak Risk Ağırlıkları, EK-1, Birinci Bölüm, 1.1, fıkra 4
Bankaların Sermaye Yeterliliğinin Ölçülmesine ve Değerlendirilmesine İlişkin Yönetmelik (RG 23/10/2015, No. 29511), EK-1 — Risk Ağırlıklı Tutar Hesaplamasında Kullanılacak Risk Ağırlıkları, EK-1, Birinci Bölüm, 1.1, fıkra 4Primary source
“Türkiye Cumhuriyeti Merkezi Yönetiminden veya Türkiye Cumhuriyet Merkez Bankası’ndan olan ve TL cinsinden düzenlenen alacaklara yüzde sıfır risk ağırlığı uygulanır.”
Repealed (3)
Withdrawn 2026 proposal: 0.03% crypto transaction tax and 10% withholding on platform gains
Not counted in the index
Bill 2/3560, submitted to parliament on 2 March 2026, would have levied a crypto-asset transaction tax of three per ten thousand (0.03%) on sales and transfers made or intermediated by crypto service providers, with the President able to cut it to zero or raise it up to fivefold, plus a 10% quarterly withholding tax on gains and income from licensed platforms (losses offset only within the calendar year). In the plenary on 26 March 2026 the crypto articles (1, 3, 4 and 5) were removed from the bill; the governing party said they would be reconsidered and might return in another bill. The bill was enacted as Law No. 7577 (Resmî Gazete 17 April 2026) with no crypto provisions, and no new bill had been found as of 16 October 2026. The crypto tax is therefore not in force.
Why it counts: A levy on every sale and transfer (not just gains) taxes moving out of lira into crypto and back regardless of profit, while platform withholding would make domestic crypto gains taxable at source; the transfer leg would also tax moving coins to self-custody or other platforms.
Legal basis Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun Teklifi (Esas No. 2/3560), Article 1, proposed Article 35 of Law No. 6802 (Gider Vergileri Kanunu) and 2 more
Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun Teklifi (Esas No. 2/3560), Article 1, proposed Article 35 of Law No. 6802 (Gider Vergileri Kanunu)Primary source
“kripto varlık satış tutarı veya kripto varlığın transfer edildiği andaki rayiç değeri üzerinden onbinde üç oranında uygulanır.”
Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun Teklifi (Esas No. 2/3560), Article 5, proposed mükerrer Article 94 of Law No. 193 (Gelir Vergisi Kanunu)Primary source
“Kanununa tabi platformlarda kripto varlıklarla ilgili olarak gerçekleştirilen işlemlerden elde edilen kazanç ve iratlar üzerinden, söz konusu platformlar tarafından takvim yılının üçer aylık”
TBMM bill record 2/3560 (Kanun Teklifi Bilgileri), Teklifin ÖzetiPrimary source
“Teklif ile; kripto varlıkların alım ve satımı üzerinden işlem vergisi alınması ile söz konusu işlemlerin katma değer vergisinden (KDV) istisna tutulması,”
Sources
- TBMM — Kanun Teklifi Bilgileri, 2/3560 (Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun Teklifi)
- Bill 2/3560 text as submitted (TBMM)
- Law No. 7577 as enacted (Resmî Gazete 17 April 2026, No. 33227)
- DHA — Genel Kurul'da ekonomiye ilişkin düzenlemeler içeren tekliften kripto varlıklara ilişkin maddeler çıkarıldı (26 March 2026)
- Bloomberg HT — Kripto varlıklara vergi teklifi geri çekildi (27 March 2026)
Bank securities-maintenance mandate
Not counted in the index
Banks had to maintain long-term lira securities against foreign-currency deposits, with additional requirements linked to deposit conversion, loan growth and lending rates. The framework forced holdings of government securities and was fully abolished on 9 May 2024.
Why it counts: The mandate created compulsory demand for government bonds and penalised banks that expanded non-preferred lending or charged higher loan rates.
Legal basis Makroihtiyati Tedbirler Hakkında Basın Duyurusu (2022-36), Decisions (a)–(d) and 1 more
Makroihtiyati Tedbirler Hakkında Basın Duyurusu (2022-36), Decisions (a)–(d)Primary source
“yüzde 10 kredi büyüme oranını aşan kredi tutarı kadar menkul kıymetin bir yıl boyunca tesis edilmesi”
Press Release on the Simplification of the Macroprudential Framework (2024-27), Repeal announcementPrimary source
“With the Communiqué published in the Official Gazette today, the regulation regarding the securities maintenance has been repealed.”
Lira loan restriction for firms holding foreign-currency assets
Not counted in the index
Independently audited companies were restricted from obtaining new lira cash commercial loans when their foreign-currency cash assets exceeded regulatory thresholds relative to their balance sheet or sales. The banking regulator repealed the restriction on 6 February 2025.
Why it counts: The rule pressured affected firms to reduce foreign-currency holdings to regain access to domestic credit, helping keep corporate liquidity in lira.
Legal basis Bankacılık Düzenleme ve Denetleme Kurulu Kararı No. 10250 — Türk Lirası Cinsinden Nakdi Ticari Kredilerin Amacına Uygun Kullandırılmasına Yönelik Sınırlamalar and 1 more
Bankacılık Düzenleme ve Denetleme Kurulu Kararı No. 10250 — Türk Lirası Cinsinden Nakdi Ticari Kredilerin Amacına Uygun Kullandırılmasına Yönelik SınırlamalarPrimary source
“aktif toplamından veya son 1 yıllık net satış hasılatından büyük olanının yüzde 10’unu aşması durumunda, söz konusu Şirketlere TL cinsinden yeni bir nakdi ticari kredi kullandırılmamasına”
Bankacılık Düzenleme ve Denetleme Kurulu Kararı No. 11145 — Kredilerin Amacına Uygun Kullandırılmasına İlişkin Kurul Kararlarının Yürürlükten KaldırılmasıPrimary source
“24/6/2022 tarihli ve 10250 sayılı Kurul Kararının, 7/7/2022 tarihli ve 10265 sayılı Kurul Kararının, 28/9/2022 tarihli ve 10348 sayılı Kurul Kararının”
Before today
3 examples from Turkey in the toolkit, past and present, grouped by what the tool does. Each links to the instrument, its other examples and the cited law.
SteerSteer savings to the state
Captive demand
Minimum government-bond shares for pension funds and insurersBireysel Emeklilik Sisteminde Devlet Katkısı Hakkında Yönetmelik (Resmî Gazete 31/12/2022, No. 32060, 5th repeat), Article 14(1)(a); amended by Regulation in Resmî Gazete 14/02/2023, No. 32104
2022 → nowIn forceCaptive demand
Minimum government-bond shares for pension funds and insurersRegulation amending the State Contribution Regulation, Resmî Gazete 14/02/2023, No. 32104, Article 1
2023 → nowIn force
BlockBlock the exits
Real asset restrictions
Prohibition of cryptocurrency paymentsRegulation on the Disuse of Crypto Assets in Payments, Official Gazette 31456, 16 April 2021, article 3
2021 → nowIn force
Further reading
- Financial engineering is no substitute for interest rates: Lessons from Türkiye
Kara, Simsek · CEPR, 2026
Examines Türkiye’s 2021–2023 combination of low policy rates, foreign-exchange intervention, protected deposits and financial restrictions. These measures temporarily stabilized deposits but shifted currency risk to the government, raising fiscal vulnerability and the eventual cost of policy normalization.
- Tracking Global Demand for Emerging Market Sovereign Debt
Arslanalp, Tsuda · IMF, 2014
Extends sovereign investor-base measurement to emerging markets, separating domestic banks, nonbanks and central banks from foreign holders. It documents post-crisis foreign inflows and country differences in banks’ government-debt exposure, useful for evaluating funding dependence and potential captive demand.