Current Situation Within The Scope Of The Communique Regarding The Decree No.32

The Communique (2018-32/51) Making Amendments on the Communique (No 2008/-32/34) related to the Decree Law No.32 regarding the Protection of The Value of Turkish Currency ("the Communique") was published in the Official Gazette on 06.10.2018 and our determinations are presented below.

The types of agreements which cannot be executed in foreign currency or indexed to foreign currency and the exceptions are indicated in the Communique.

When the relevant Decree on the amendment of Decree Law No.32 was adopted, indexing the agreements to commodities of which their value is indexed to foreign currency in international markets seemed possible since there was no regulation on this issue. However, it is regulated in the Communique that agreements based on such commodities are deemed as indexed to foreign currency and should be considered within the scope of such prohibition.