The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Turkey, by way of Presidential Decree No. 6785, has declared a three-month state of emergency in ten provinces impacted by earthquakes on 6 February which devastated southcentral Turkey and northern Syria.
“We are in a state of force majeure”, said one steel mill official in the port city of Iskenderun three days after the natural disaster. “People from other countries are calling to inquire about letters of credit and logistics. However, there isn’t even an operating bank branch in the area.”
While the state of emergency is in place for three months and may be renewed for a maximum of four months at each renewal, sources contacted by DCW said that force majeure was declared by Turkey’s Ministry of Treasury and Finance for taxpayers in the earthquake zones until 31 July 2023. One trade finance specialist added on 23 Feb:
“For now (the force majeure) is not related to trade finance, but rather to the extension or postponement of tax and personal loans. I do not anticipate that the force majeure announced this time will also affect the trade finance. However, financial institutions and banks have sent questions to the Banks Association of Turkey on this issue. Presumably, the Association will also contact the relevant departments of the government and inform the banks.”
