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 Turkish Currency. Pursuant
to the amendment, it is no longer possible pay the purchase price
in foreign currency in respect of 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.
Impact of the Amendment
Before the amendment, contract prices and contractual payment
obligations could be determined in foreign currencies or indexed to
foreign currencies for the sale of goods to be concluded among
Turkish residents, other than vehicle sales contracts. While the
amendment does not prevent Turkish residents from determining the
contract price in foreign currencies or indexed to
