The Communiqué ("Communiqué") amending the Communiqué on the Decree No. 32 Regarding the Protection of the Value of Turkish Currency, was published in the Official Gazette dated February 28, 2024. With this Communiqué, exceptions were introduced for certain types of contracts subject to the ban on payments in foreign currency.
Before the amendment, although residents in Turkey could agree in foreign currency for the contract price and other payment obligations arising from movable sales contracts other than vehicle sales contracts, it was mandatory for these payments to be made and accepted in Turkish Lira.
Following the amendment, it has become possible to fulfill the payment obligations specified below in foreign currency:
- Payment obligations within the scope of negotiable instruments denominated in foreign currency that entered into circulation before the effective date of the Communiqué and, within the scope of the performance of movable sales contracts concluded before April 19, 2022,
- Payment obligations within the scope of invoices issued before April 19, 2022,
- Payment obligations within the scope of precious metal and gemstone purchase and sale transactions conducted in foreign currency in Borsa Istanbul Precious Metals and Precious Stones Market and the clearing of these transactions,
- Payment obligations within the scope of movable sales contracts for exports conducted through Foreign Trade Capital Companies (FTCC) or Sectoral Foreign Trade Companies (SFTC), and for exports conducted based on movable sales contracts through companies with E-Export Consortium status,
- Payment obligations within the scope of movable sales contracts concluded for the delivery of goods subject to customs declaration, including transit and customs warehousing regimes, and temporary storage and free zone provisions,
- Payment obligations related to the delivery of goods subject to movable sales contracts concluded by companies operating in free zones and within the scope of foreign trade transactions.
The provisions of the Communiqué regarding negotiable instruments in foreign currency, invoices issued before April 19, 2022, and precious metal trading transactions became effective as of the publication date, April 21, 2022, while the remaining provisions of the Communiqué came into effect as of February 28, 2024.
You can access the full text of the Communiqué in Turkish via this link.