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ARTICLE · 26 FEBRUARY 2019

New Currency Protection Principles For Export Activities – Turkey

YBK in Cooperation with CMS
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Intermediary banks will be responsible for monitoring the bringing in and sale of the relevant considerations.

TurkeyFinance and Banking
Döne Yalçın
Döne Yalçın
Alaz Eker Undar
Alaz Eker Undar

General

The Ministry of Treasury and Finance issued a communiqué on 4 September 2018 (numbered 2018-32/48) that restricts how Turkish entities may treat the considerations they receive for export activities.

The communiqué requires that entities domiciled in the Republic of Turkey transfer/deposit any such consideration to/in the bank acting as the intermediary for the export activity as soon as possible and, in any case, within 180 days of the export taking place.

The communiqué further requires entities to "sell" 80% of the amount received to a Turkish bank—i.e. to convert it into Turkish Liras.

Methods

The considerations in question may be brought into the Republic of Turkey through the following payment methods:

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