DECREE NO. 32 REGARDING THE PROTECTION OF THE VALUE OF THE TURKISH CURRENCY

PART I GENERAL PRINCIPLES

Purpose, Subject, Authority and Reserved Provisions

Article 1 - The regulatory and restrictive principles are determined and laid down by this Decree for the purposes of protection of the value of the Turkish Currency in connection with the determination of the value of the Turkish currency against foreign currencies, all the operations relating to foreign exchange and the instruments representing foreign exchange (including securities and other capital market instruments), the use and management of foreign exchange, imports and exports of the Turkish currency(including securities and other capital market instruments),transactions related to precious metals, stones and articles, issue of permits for the imports with waiver by collecting premium, imports, exports, exports and imports of special nature, invisible transactions and foreign exchange transactions related to capital movements.

Violations of this Decree and the Communiqués to be published by the Ministry for the purposes of implementation of this Decree are considered as violations of Law No.1567 and its supplements and amendments.

Special provisions taken place in different laws and international agreements are reserved.

Definitions

Article 2 - The following terms shall have the meanings given below in the implementation of this Decree

a) Ministry: The Ministry which the Undersecretariat of Treasury is attached to,

b) Residents: The real persons and legal entities who reside in Turkey including the workers, members of independent profession and independent businessmen and those residing in Turkey for more than 6 months permanently within one calendar year with the intent of settlement (The real persons and legal entities among non-residents those open branches or establish a company or participate to a company in Turkey, through capital allocation according to Turkish Republic Laws, are pertaining only to those activities regarded as residing in Turkey),

c) Non-residents: The real persons and legal entities not considered as residents of Turkey,

d) Travellers: The persons holding a valid passport or documents acceptable in place of a passport and arriving at the gates of entry and exits designated by the Ministry of Finance and Customs in order to enter into or depart from Turkeye) Turkish Currency: The money in circulation in Turkey according to the Laws of the Republic of Turkey or even if they have been removed from circulation, the time allowed for their replacement has not expired yet,

f) Instruments enabling payment in Turkish Lira: All instruments and means enabling payment in Turkish Lira such as commercial and ordinary bills, letters of credit, credit cards, travellers’ cheques, remittances and letters,

g) Foreign currency notes: Currencies of all foreign countries in the form of notes.

h) Foreign Exchange: Foreign currency notes and all other instruments, accounts and means enabling payment in foreign currency.

i) Securities: All Turkish and foreign securities traded in capital and money markets, (in the implementation of this Decree, mutual funds’ participating certificates are taken into consideration as securities)

j) Precious metals: Gold and platinum of all kinds and in all forms.

i) Unprocessed gold: Gold in the forms of bars or ingots with minimum purity of 995/1000, the characteristic of which determined by the Undersecretariat.

ii) Processed gold: Gold with the purity of less than 995/1000, purchased and sold after either being transformed into ornaments or jewelry by application of workmanship or being added substances into or not.

k) Precious stones: Diamond, brilliant, ruby, emerald, topaz, sapphire, crystallite and pearl,

l) Precious articles: Articles, made from or containing precious metals or precious stones,

m) Central Bank: The Central Bank of the Republic of Turkey and its branches,

n) Banks: The banks operating in Turkey under the Banks Act,

o) Authorized Institutions: The joint stock companies authorized to conclude transactions in foreign exchange and also precious metals, stones and articles within the framework of the procedures and rules set out by the Ministry.

p) Special Finance Institutions: The finance institutions in the form of Joint Stock Companies allocating funds to the economy by raising funds within the country and abroad in addition to their capital within the framework of the procedure  and rules set out pursuant to the Decree supplementing Decree No. 83/7506, dated December 16, 1983,

r) PT: General Directorate of Turkish Postal Services,

s) Other capital market instruments: capital market instruments, other than the securities (as defined in the subparagraph (i) of this Article), which are determined by the Capital Market Board,

t) Undersecretariat: Undersecretariat of Treasury ,

u) Precious metals intermediary institutions: The banks, the authorized institutions and the precious metals intermediary companies having operation permissions issued in accordance with the legislation related to precious metals exchange.

PART II PROVISIONS CONCERNING TURKISH CURRENCY, FOREIGN

EXCHANGE, PRECIOUS METALS, STONES AND ARTICLES

Turkish Currency

Article 3-a) The import of the Turkish currency and the means enabling payments in Turkish lira is free. The export of the same is free within the framework of principles in the following:

i) Residents and non-residents may freely send Turkish Lira abroad through banks and special financial institutions.

ii) Travellers may freely take abroad Turkish Lira banknotes whose value is not exceeding US$ 5.000,- .

iii) The export of the means enabling payment in Turkish Lira is free.

b) Non-residents may freely pay, receive and make deposits in Turkish Lira in Turkey

c) Banks and special finance institutions inform authorities, determined by the Ministry, about transfers abroad exceeding Turkish Lira equivalent to US$ 50.000 , excluding payments for import and invisible transactions as well as capital export within 30 days from the date of transfer.

Foreign Exchange

Article 4-a) Import of foreign exchange to Turkey is free.

b) Turkish residents may freely hold foreign exchange with them, purchase foreign exchange from authorized institutions, special finance institutions, PT and precious metals intermediary companies; keep foreign exchange in foreign exchange accounts they open in banks, use as bank notes, make use of them within the country and abroad through banks and special finance institutions.

c) Acceptance of foreign exchange by the residents from the non-residents in return for the transactions they will conclude in Turkey is free.

d) Non-residents may freely purchase foreign currency from the banks, authorized institutions, special finance institutions, PT and precious metals intermediary companies.

e) Residents and non-residents may freely transfer foreign exchange abroad through banks and special finance institutions.

Banks and special finance institutions inform authorities, determined by the Ministry, about transfers abroad exceeding US$ 50.000 or its equivalent of foreign currency notes (including transfers from foreign exchange deposits), excluding payments for import and invisible transactions as well as capital export within 30 days from the date of transfer.

f) Travellers may take up to US$ 5.000 or its equivalent of foreign currency notes out of the country. 

Non-residents and although considered as residents, those Turkish citizens working abroad-provided that they have declared it on their arrival- and residents those present a document that they purchase foreign exchange from the banks and special finance institutions within the framework of the regulations on invisible transactions, may freely take abroad foreign currency notes whose value is exceeding US$ 5.000,- .

Exchange Rates

Article 5- The value of foreign currencies against the Turkish Currency are determined within the framework of the procedures established by the Central Bank.

Purchase and sale of foreign exchange are realized at daily exchange rates on the date of the transaction. The provisions of Article 6 and 8 of this Decree are reserved.

At the time of documentation relating to the purchase and sale of foreign exchange for setoffs, bid rates on the date of the transaction are applied.

Transactions Related to Foreign Exchange

Article 6- Transactions related to foreign exchange are conducted by the Central Bank, banks, authorized institutions, special finance institutions and precious metals intermediary companies in convertible foreign currencies determined by the Central Bank, and the purchases of foreign exchange brought into the country according to the foreign capital legislation is realized by the banks. The procedure and principles to be observed in the purchase and sale of non-convertible foreign currencies are determined and published by the Central Bank. Banks and precious metals intermediary institutions may execute forward foreign exchange transactions. Central Bank is authorized to issue regulations related to forward purchase and sale of foreign exchange.

PT may execute foreign exchange transactions within the framework of principles approved by the Ministry.

Banks, authorized institutions special finance institutions, PT and precious metals intermediary companies transfer their foreign exchange holdings to the Central Bank within the framework of the principles and the ratios to be set out by the Ministry.

The above mentioned organizations (except PT) which have completely fulfilled their foreign exchange obligations towards the Central Bank may carry out, within the framework of the rules set out by the Central Bank, all kinds of transactions in foreign exchange by participating in the Foreign Exchange and Foreign Currency Note Market established in the Central Bank provided that they have complied with all the other conditions set out by the Central Bank.

Banks, authorized institutions, special finance institutions, PT and precious metals intermediary companies may, according to banking customs and practices, freely use their foreign exchange holdings preferably in meeting the country’s requirements provided that they comply with this Decree and the principles to be determined by the Central Bank.

Precious metals, stones and Articles

Article 7- a) Imports to Turkey and exports from Turkey of precious metals, stones and articles are free within the rules of foreign trade regime. In the exportation and importation of unprocessed gold, however, the provisions of Import and Export Regimes and Regulations are not applied provided that a declaration must be submitted to the Customs Administrations. Importation of unprocessed gold are made by the Central Bank and precious metals intermediary institutions which are the members of the Precious Metals Exchange. However the members of the Precious Metals Exchange must surrender the unprocessed gold imported by themselves to Istanbul Gold Exchange within three days.

b)Purchase and sale of precious metals, stones and articles in the country are free.

c) Travellers may bring into and take out of the country with them, articles made from precious metals and stones being of the characteristics of ornamental articles, the value of them not exceeding US$ 15.000 and having no commercial purpose. Taking out of the country of the ornamental articles above the said value is dependent upon their declaration on arrival or authenticating that they have been purchased in Turkey.

d) Central Bank and precious metals intermediary institutions shall execute purchase and sale in Turkey of unprocessed gold that they imported, only in Istanbul Gold Exchange.

PART III FOREIGN TRADE

Export

Article 8- a) It is obligatory for the exporters to bring into the country and sell foreign exchange receipts of the goods exported for commercial purposes or document it, in case the receipts are in Turkish currency, to the banks or special finance institutions, within 180 days of the date of shipment excluding delays due to the special events foreseen in this Decree and the events of force majeure approved by the Ministry.

However;

i) In the event that at least 70 percent of the export proceeds in foreign exchange is brought and sold to banks or special finance institutions within 90 days as of the date of shipment, the residual part corresponding to 30 percent may be left to the free disposal of the exporter.

ii) The export transactions involving the export of the spare parts and material within the scope of the services provided by the residents based on the technical service contract they have made with non-residents (including repair, maintenance, installation services and similar services) and being included in the cost of the service specified in the contract are subject to the provisions of the Export Regime in force.

iii) It is not mandatory to bring the export proceeds of unprocessed gold into the country.

b) The Ministry is authorized to lay down;

i) The principles governing period, extension and exchange rate to be applied in the justified events and the events of force majeure preventing the bringing into the country in time of the export value.

ii) The procedure and principles governing the period of bringing into the country the value of exports of special nature,

iii) The course of actions to be taken when the value of exports is not brought into the country in time,

iv) The principles and procedures concerned with closing export accounts in factoring, leasing and forfeiting operations,

v) Principles and procedures related to the terms of export payment.

c) In the cases when the export proceeds in foreign exchange are brought into the country, which is compulsory, after the periods provided for in this Article, the favorable difference which occurs between the rate effective on the last day of the period and the rate effective on the day on which the foreign exchange is sold, is not paid to the parties concerned but to the Support and Price Stabilization Fund, even in the cases when it happens within the extensions.

Export proceeds in foreign exchange brought into the country with delays due to the events of force majeure approved by the Ministry are bought at the current exchange rate.

d) Those who export goods through the customs gates undeclared by quantity, quality or value, or by smuggling from other borders and coasts are obliged to repatriate the foreign exchange representing the value of such goods and sell them to a bank within 90 days starting from the date notified by the exchange auditing authorities. However, repatriation of foreign exchange does not abolish the criminal liabilities under Law No. 1567 and its supplements and amendments.

Import

Article 9- According to banking customs and practices and the agreements between the buyer and the seller, banks and special finance institutions that are intermediating the imports pay either in Turkish Lira or foreign exchange the value of imports from their own sources and within the procedures to be set out by the Ministry, from the foreign exchange accounts of importers.

The Ministry determines the principles governing;

a) The course of actions to be taken during the period starting from the transfer of import payments to the closing of import accounts,

b) Imports without allocation of foreign exchange (covering both commercial and non-commercial types),

c) Imports of special nature and exceptional imports,

d) The forms of import payments,

The vehicles, goods and articles temporarily imported or imported under exemption according to this Decree and legislation are taken out from the country or abandoned to the customs on the expiry of their allowed periods. Transfer or sale of these vehicles, goods and articles to others in any manner or acquisition of them by the real persons and legal entities, permanent import of them and transfer of their value when necessary, are subject to the permission of the Ministry.

PART IV INVISIBLE TRANSACTIONS

Transactions requiring payments in foreign exchange

Article 10- The transfer of Turkish Currency and the allocation and transfer of foreign exchange and the sale of foreign currency notes in relation with the international transports, banking, insurance and services rendered abroad and other invisible transactions are performed by the banks and the special finance institutions within the framework of the procedures, rules and limits to be determined by the Central Bank.

Foreign exchange earning transactions

Article 11- The residents may freely dispose of the foreign exchange earned in return for all services (including contracting services) rendered within the country or abroad for the non-residents or on behalf of them, and the foreign exchange pertaining to the expenses incurred on behalf of and for the account of non-residents.

PART V CAPITAL MOVEMENTS

Capital inflow to Turkey

Article 12- It is free for the non-residents to establish a company, participate in a new or existing company, to make an investment by opening a branch and to engage in all activities aiming at production of all kind of goods and services and opening liaison office provided that the necessary permission is obtained pursuant to the Law of Encouragement of Foreign Capital No.6224 and operations are carried out within the framework of the permission granted and the required capital is brought into the country.

The conclusion by the residents with the non-residents of agreements concerning license, know-how, technical assistance and management is free, provided that the necessary permission is obtained according to Law No.6224

Engaging in commercial activities and establishing ordinary partnership (excluding the ordinary partnership formed for international tenders) in Turkey by the non-residents other than their incorporated companies and branch and liaison offices opened in Turkey pursuant to the foreign capital legislation and petroleum law, and concluding license and representation agreements by the residents with the credit card companies residing abroad, are subject to the permission of the Ministry. The rules for such matters as well as transfer of profit, proceeds of sales and liquidation, the amounts to be paid in accordance with license and representation agreements are laid down by the Ministry.

Capital outflow from Turkey

Article 13- The residents may freely transfer capital, in order to establish companies for the purpose of realizing investments or commercial activities or to participate in an enterprise or to open branches abroad or in the free zones in Turkey, in the form of cash up to US dollar 5 million or the equivalent in other foreign currencies through banks and special finance institutions, and in kind, according to the provisions set forth in the customs legislation. The transfer of capital, in kind or in cash, amounting to more than US$ 5 million or its equivalent is permitted by the Ministry.

The residents are free to establish representative, liaison and similar offices abroad and to transfer establishment expenses and operational costs through banks and special finance institutions.

The banks, special finance institutions and customs administrations inform the Undersecretariat, about the residents transferring capital abroad or to free zones in Turkey for investment or commercial purposes, within 30 days from the date of each transaction.

The residents transferring capital abroad or to free zones in Turkey, will provide the information to the Undersecretariat related to the branches, companies or partnerships they have established abroad within one year from the date of transfer, by submitting the documents pertaining to the permissions obtained from local official entities, articles of incorporation, commencement date and address of the activities, annual report, profits transferred into the country, capital formation and/or changes in the amount of the capital and the termination date of the activities.

Banks and special finance institutions will inform the Undersecretariat about the transfers they make regarding representations, liaison and similar offices abroad by quarterly reports, until the end of the month following each quarterly period.

The residents establishing representative, liaison and similar offices abroad, will inform the Undersecretariat, within 90 days from the date of establishment, submitting the documents pertaining to the permissions obtained from local official entities, commencement date, address and the termination of the activities of the established institution.

Transfer of wealth

Article 14- Import requests by immigrants and refugees falling outside the scope of Article 31 of the Settlement Law, Decree of Imports with Waiver and Customs Legislation are concluded by the Ministry.

Principles for transfers of wealth in and outside the country excluding the special permissions given under the Customs Law are determined by the Ministry.

Securities

Article 15- a) The physical movement of the securities and other capital market instruments into and out of the country is free.

b) It is free for the residents to issue, introduce and sell securities and other capital market instruments abroad.

c) Issue, public introduction and sale of the securities and other capital market instruments by non-residents are realized within the framework of the provisions of the Capital Market Legislation.

d) (i) It is free for non-residents (including mutual funds and investment companies abroad) to buy and sell all securities and other capital market instruments through intermediary companies and banks authorized according to the Capital Market Legislation and to transfer the income and the sales proceeds from such instruments and other capital market securities, through banks and special finance institutions. 

(ii) It is free for residents to purchase and sell securities traded on foreign financial markets abroad through banks, special finance institutions and intermediary companies authorized according to the Capital Market Legislation and to have their purchase value transferred abroad through banks and special finance institutions.

e) Banks and intermediary companies submit to the Undersecretariat quarterly reports on such transactions.

Real Estate and Property

Article 16- It is free to transfer ,through banks and special finance institutions, the revenues and sales proceeds of real estate and real rights appertaining to these assets owned or bought by non-residents .

The Undersecretariat of Treasury is informed as of quarterly periods about transactions related to acquisition and sale of real rights appertaining to the real estate and property of non-residents by the General Directorate of Deeds and Land Survey, banks and special finance institutions within 30 days following the preceding period.

Credits

Article 17- a) Residents may freely obtain credits in kind or in cash from abroad provided that they utilize such credits through banks or special finance institutions. However, the terms of prefinancing credits may not exceed one year.

It is obligatory to submit a copy of the credit agreement to the Ministry within 30 days after the entering into force of the agreement for the credits with the maturity of more than one year in order to be entered and registered in the "Debt Log" kept in the Ministry.

The rules for the follow up of the credit with the maturity of less than one year are determined by the Central Bank.

Payments of interests and other charges on the said foreign credits as well as the principal payments are transferred by the banks out of their own sources.

The Ministry is authorized to follow up credits obtained from abroad on real person and legal entity basis, to impose, if necessary, prohibition, limitation, to stop repayment of the credits not registered in the "Debt Log" despite they were required to.

b) The residents may extend foreign exchange credits as follows:

i) Commodity credits to be extended by banks according to the Import and

Export Regimes,

ii) Foreign exchange credits with one year term to be extended by banks for financing export, sales and deliveries to be considered as exports and for activities earning foreign exchange,

iii) Foreign exchange credits to be extended by banks for financing investment goods and to the residents who are entitled to obtain foreign credit within the scope of investment incentive certificate,

iv) Foreign exchange credits to be extended to Turkish entrepreneurs working abroad and to residents who have been awarded international tenders in Turkey or who have undertaken defense industry projects approved by the

Undersecretariat of Defense Industry,

v) Foreign exchange credits to be extended by banks to the residents in accordance with the rules to be set out by the Ministry,

vi) Foreign exchange credits in cash that the banks will extend abroad up to the total amount of the foreign exchange credits and the foreign exchange deposits they have obtained.

c) Credits in Turkish Lira to be extended abroad by banks within the framework of the banking customs and practices.

d) Interests and other charges on the credits mentioned in this article are freely determined between the parties concerned. Exchange rate risk arises from credit transactions is carried by the parties concerned.

The procedure of implementation related to the credits are laid down by the Central Bank according to the principles set out by the Ministry.

Baks take the necessary measures to bring into the country in time, the proceeds of the extended credits such as the principal, interest and other charge payments as well as follow up this matter and inform the Undersecretariat of Treasury of the adverse cases.

Non-pecuniary credits , guarantees and sureties

Article 18- Residents may freely obtain non-pecuniary credits, guarantees and sureties from abroad. They may freely issue guarantees and sureties in favor of residents and non-residents.

Banks may freely issue guarantees and sureties in foreign exchange, in favor of residents on behalf of non-residents, and both in favor of as well as on behalf of residents regarding international tenders in Turkey.

It is free to establish ship mortgages in foreign exchange pertaining to the credits obtained for purchase of ships from abroad within the coverage of the Law No.2581 on Development of Maritime Merchant Fleet and Encouragement of Shipping Construction Facilities dated Jan.14,1982, as well as the decrees and regulations attached to this Law.

Banks and special finance institutions will inform the Undersecretariat about the amounts claimed for payment and transferred abroad under the liquidated guarantees and sureties within 30 days from the date of transfer, and residents other than banks and special finance institutions will inform the Undersecretariat about guarantees and sureties issued in favor of non-residents within 30 days from the date of issue.

Foreign Exchange and Gold Deposit Accounts

Article 19-The Central Bank and banks may open foreign exchange and gold deposit accounts for the benefit of the residents and non-residents. Account holders may freely use such accounts. The interest payable on such accounts is freely determined between the bank and the account holder. Transfers of the principal and the interest as well as return of the gold are made by the banks out of their reserves.

Exchange rate risk arises from these accounts are carried by the parties concerned.

PART VI PROCEDURE AND JOINT PROVISIONS

Authority

Article 20- The Ministry is authorized to take all measures it may deem necessary to enable the enforcement of this Decree and to protect the value of the Turkish currency, to examine and conclude the special cases other than the events specified in the Decree, to authorize import with waiver exceptionally by collecting additional premium to Public Housing Fund up to % 100 of CIF value of the goods to be imported, to extend the time allowed for bringing the foreign exchange into the country in the justified cases and events of force majeure and to lift partly or entirely the obligation of bringing foreign exchange into the country and to change the amounts called for in Articles 3,4,7 and 13 of this Decree.

Applications for the execution of the decisions taken by courts or administrative authorities which entail imports of goods into the country in order to collect a claim or for other reasons, are concluded by the Ministry within the framework of the provisions of this Decree.

Control

Article 21- During the controls realized by the personnel authorized to execute exchange controls and/or the Exchange Control Offices (both are called Exchange Auditing Authorities), when operations of the persons who are entitled to carry out those operations foreseen in this Decree are discovered as contrary to the provisions of the Decree, Articles of the Criminal Courts Procedure Law concerning the Reporting and Search are applied against them.

The governmental department and institutions as well as the real persons and legal entities in Turkey (excluding those deemed exempt under special laws and agreements) are obliged to provide the information requested in writing by the exchange auditing authorities and show them the records and books for the inspection of the transactions covered by this Decree. The Ministry is authorized to terminate partly or entirely and temporarily or indefinitely the operations of such persons or make their further operations dependent on establishing a guarantee and if necessary, forfeit such guarantees to the Treasury in part or in full or cancel the obligation of establishing a guarantee in the case of the existence of a justified excuse or event of force majeure.

The banks, authorized institutions, special finance institutions, precious metals intermediary companies and all other related institutions are obliged to provide all statistical information to be requested by the Central Bank on the foreign exchange transactions covering a certain period of time. The Central Bank is authorized to conduct investigations concerning these matters at the banks and the said institutions.

The authority of the banks, special finance institutions, authorized institutions, PT and precious metals intermediary companies which fail to fulfill their obligations hereunder to act as an intermediary in the exchange transactions may be withdrawn partially or entirely by the Ministry.

Periods

Article 22- The day on which the transaction is concluded, is not taken into account in the calculation of the periods specified in this Decree and the Decree’s to be published as supplements thereto and the related Communiqués which give rise to a right and result in loss of a right and the failure to comply with which shall constitute a violation.

However, should the last day of the periods to be calculated overlap with an official holiday, the periods shall expire at the end of the working hours of the next business day.

Foreign exchange purchase and sale receipts and certificates of transfer

Article 23- The banks, special finance institutions, authorized institutions PT and precious metals intermediary companies have to issue purchase and sale receipts for foreign currencies and transfer certificates for Turkish liras in the operations related to this Decree and the method and principles concerning these receipts and certificates are determined by the Central Bank.

PART VII MISCELLANEOUS PROVISIONS

Article 24- The provisions of Law No. 6183 regarding Collection of the Receivables of the State, shall be applied as regards to the receivable required to be collected under this Decree and the Decrees and Communiqués currently in force regarding the protection of the value of the Turkish currency and the legislation related to the liquidation of the foreign credits.

Article 25- Decree No. 30 regarding the Protection of the Value of the Turkish Currency and its supplementary Decrees have been repealed.

However, the Decree numbered 7/18015 and the Decree numbered 8/911(including its supplementary Decrees and Communiques) both of which are supplementing Decree No. 17 regarding the Protection of the Value of the Turkish Currency are in force.

Provisional Article 1- The transactions commenced pursuant to the provisions of the repealed Decrees are subject to the provisions of the relevant Decrees. Unless otherwise provided, the provisions of this Decree in favour of the concerned parties shall apply.

All prosecutions initiated because of the acts contrary to the Decrees and Communiqués published according to Law No. 1567 prior to the date of entry into force of this Decree, but are not contrary to this Decree are terminated and withdrawn.

The issues that may arise in connection with the legislation repealed are settled by the Ministry.

Provisional Article 2- Until the Istanbul Gold Exchange begins to operate, banks, authorized institutions, special finance institutions and precious metals intermediary companies those fulfilled the foreign exchange obligations to the Central bank in addition to other conditions imposed by the Central Bank, may purchase and sell gold with foreign exchange and Turkish lira in the foreign exchange and foreign currency note markets established in the Central Bank, according to the principles set forth by the Central Bank.

Article 26- This Decree shall come into force on the date of its publication.

Article 27- This Decree shall be executed by the Minister which the Undersecretariat of Treasury is attached to.