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ARTICLE · 25 APRIL 2022

FX Payment Ban Clarified

Esin Attorney Partnership
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An amendment 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 ("Communiqué").

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Büşra Cavas
Büşra Cavas
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Recent Development

An amendment 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 ("Communiqué"). Pursuant to the amendment, it is no longer possible to pay in foreign currency the purchase price of the sale of goods between parties that are resident in Turkey, even when the purchase price is denominated in a foreign currency or indexed to a foreign currency in the sale contract. The amendment entered into force on the same date of publication in the Official Gazette. The Ministry of Treasury and Finance ("Ministry") clarified the implementation principles of the ban with its announcement dated April 21, 2022.

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