Goods Can Now Be Paid In Foreign Currency

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.