Through the publication of the Communiqué number 2018-32/48 regarding the Decree number 32 on the Protection of the Turkish Foreign Currency, published in the Official Gazette dated 4 September 2018 and number 30525 ("Communiqué"), the obligation for bringing export proceeds to Turkey was introduced for a temporary period. In line with the provisions of the Communiqué, Turkish Central Bank published a new "Export Circular" ("Circular") on its official website.

The collection procedure of export proceeds, documents to be prepared by the relevant banks and companies, the determination method of the export price and its transfer are regulated in details with the Circular.

The Circular also regulates that the usage of the proceeds derived from service export, transit trade, micro export transactions, sales made to non-residents through special invoice and sales made to non-residents by calculating Value Added Tax ("VAT") is at the discretion of exporters.

The Circular entered into force through publication. You may find the full text of the Circular here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.