Turkey faces surge in unauthorized currency exchange operations

Serdar Yerlioğlu, President of the Association of All Authorized Enterprises and Exchange Offices (TÜYEMDER), has highlighted the significant issue of unauthorized foreign exchange transactions in Turkey. While there are approximately 1,050 official exchange offices in the country, Yerlioğlu estimates that there may be between 7,000 and 8,000 illegal operations, particularly in Istanbul.

These unauthorized entities often operate under the guise of ‘Change Offices,’ payment institutions, or jewelers, despite lacking the legal authority required by the Ministry of Treasury and Finance. To remain competitive against official offices, these unlicensed businesses often offer more favorable exchange rates.

Under current regulations, the Ministry can suspend or permanently halt the activities of unauthorized businesses and refer them to public prosecutors for administrative fines. Both the Ministry and TÜYEMDER are actively working to identify and combat these illegal operations to protect the financial system.