Turkish ministry revises ID mandate in FX offices to exclude transactions below $100

Turks who want to exchange less than $100 will no longer be required to present their IDs, the Treasury and Finance Ministry said on Nov. 18. The ministry had previously imposed the rule for all exchanges, but changed the rule to encompass the amounts worth above $100 following backlash.

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The Treasury and Finance Ministry on Nov. 18 revised its previous mandate for citizens to show their IDs when carrying out foreign currency exchanges to cover transactions only above $100. 

The ministry had on Oct. 12 issued a rule that required exchange offices to make a record of citizens' transactions, their dates, and amount. The citizens were also required to show their IDs during these transactions. 

But on Nov. 18, following backlash, the ministry revised its policy, excluding transactions below $100 from this mandate. 

The ministry's requirement for the currency exchange bureaus to record the Turkish identity card or passport numbers of their clients prompted fears of getting blacklisted by the government and boosted unregulated trades. Turks resorted to exchanging their currency outside of exchange offices, mainly in jewelry shops.

The ministry's move comes as citizens have been buying foreign currencies in the face of a weakening currency and skyrocketing inflation.

President Recep Tayyip Erdoğan has repeatedly called on Turkish citizens to sell dollars and euros to support the national currency.