PART FIVE

FOREIGN EXCHANGE, BANKING, INSURANCE AND OTHER SERVİCES

SECTION ONE

Foreign Exchange, Banking and Insurance Services

Foreign Exchange

Article 47- Costs of goods, payments to the Fund, service fees, wages and premiums of workers and rents concerning activities in the Zone shall be made in foreign currency. Payments made in Turkish Lira in the Zone shall be governed by the provisions of the Council of Ministers’Decision 85/9801 of 16 August 1985.

Real and legal persons residing abroad and investing in the Zone shall bring the cash portion of their capitals in the form of foreign currency.

Foreign capital institutions, or real and legal persons domiciled abroad that operate in Turkey shall be free to transfer the capitals they bring to the Zone in the form of cash or foreign currency, assets in kind or real rights, and any and all profits and revenues arising therefrom, as well as sale and/or liquidation proceeds, to other parts of Turkey or abroad. However, such persons must inform the Zone Directorate of the assets to be transferred, and certify that such assets belong to them.

It shall be permissible to transfer to other parts of Turkey such cash capital as is exported into the Zone by persons domiciled in Turkey together with any and all profits and revenues obtained from investments, as well as sale and/or liquidation proceeds. However, the export of capital in kind shall be subject to the permission of the U.F.T. It shall also be permitted to transfer such capital in cash and in kind any and all profits and revenues obtained from investments, as well as sale and/or liquidation proceeds abroad.

Banking and Insurance Services

Article 48- Banks, excluding off-shore banks, and insurance companies located in the Zone shall operate in accordance with the provisions of general legislation.

Banks in the Zone extend loans to users with priority in connection with their activities therein.

Matters not provided for by the legislation on Free Zones concerning banking activities in the Zone shall be governed by the provision of Article 74 of the Law of Baks No. 3182, dated 25.04.1985. The establishment of banks, or the opening of branch offices in the Zone by foreign banks shall be subject to the principles laid down in Council of Ministers’ Decision 90/999 of 18 September 1990.