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ARTICLE · 08 MARCH 2024

Communiqué No. 2008-32/69 Introduces Further Exceptions To FX Payment Ban

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Communiqué No. 2008-32/69 on the Decree No. 32 on the Protection of the Value of the Turkish Currency has been published in the Official Gazette on 28 February 2024, impacting payment ...

TurkeyFinance and Banking
Bilge Kagan Cevik
Bilge Kagan Cevik
Pelin Baysal
Pelin Baysal
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Communiqué No. 2008-32/69 on the Decree No. 32 on the Protection of the Value of the Turkish Currency has been published in the Official Gazette on 28 February 2024, impacting payment transactions involving foreign currency. This amendment modifies the Communiqué No. 2008-32/34 and introduces certain changes that affect payment obligations within Turkey.

Key Changes:

Pursuant to the Communiqué No. 2008-32/34, parties, resident in Turkey, were no longer permitted to pay in foreign currency for the purchase price of goods, even when the purchase price is denominated or indexed in a foreign currency within the sale contract.

Two days after the publication of the Communiqué No. 2008-32/34, on 21 April 2022, the Ministry of Finance had issued an announcement to provide clarity on specific payment obligations that are still permitted in foreign currency:

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