Recent Development
An amendment, entering into force on the same date of its publication, was published in the Official Gazette on April 19, 2022 altering the Communiqué No. 2008-32/34 on the Decree No. 32 on the Protection of the Value of the Turkish Currency (the "Communiqué"). Pursuant to the amendment, it was no longer possible to pay in foreign currency the purchase price of the sale of goods between parties that are resident in Türkiye, even when the purchase price is denominated in a foreign currency or indexed to a foreign currency in the sale contract. The Ministry of Treasury and Finance (the "Ministry") has lifted this ban with an amendment to the Communiqué, which was published in the Official Gazette dated March 6, 2025 (the "Effective Date") and entered into force on the same date.
With the amendment made by the Ministry to the Communiqué, as of the Effective Date; Turkish residents will be able to determine the agreement price and other payment obligations arising from these agreements in foreign currency or indexed to foreign currency in respect of the agreements concerning the sale of goods other than vehicle sales.
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.
