A. Introduction
With the publication of the "Communiqué on Amendments to the Communiqué No. 2025-32/72 on the Protection of the Value of Turkish Currency" (the "Amendment Communiqué") in the Official Gazette No. 32833 dated March 6, 2025, significant changes have been made regarding the prohibition of payments in foreign currency under the Communiqué No. 2008-32/34 on the Protection of the Value of Turkish Currency (the "Communiqué").
You can access the full text of the Communiqué here, and the Amendment Communiqué here.
B. Regulations under the Amendment Communiqué
Under the Communiqué, it was made possible for residents of Turkey to agree on the price and other payment obligations arising from contracts for the sale of movable property, excluding vehicle sales contracts, in foreign currency or indexed to foreign currency. With the amendment communiqué dated 19.04.2022 and numbered 2022-32/66, the obligation to be fulfilled in Turkish currency for the price and other payment obligations regulated in such contracts was introduced, but with the amendment communiqué dated 28.02.2024 and numbered 2024-32/69, it was made possible to pay the contract price in foreign currency in some exceptional cases.
The new regulation introduced by the Amendment Communiqué repeals the prohibition of payments in foreign currency for these contracts and allows the price and other payment obligations to be fulfilled in foreign currency.
C. Conclusion
The Amendment Communiqué allows the payment of the price and other payment obligations in foreign currency in sale of movable property contracts other than vehicle sales contracts where the contract price and other payment obligations are agreed in foreign currency or indexed to foreign currency, and with the amendment communiqué dated 19.04.2022 and numbered 2022-32/66, the prohibition of payment in foreign currency introduced for these contracts was repealed and the possibility of payment in foreign currency was reinstated.
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.
