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ARTICLE · 09 MAY 2019

The Ministry Publishes FAQs For The FX Payment Ban

Esin Attorney Partnership
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The Ministry of Treasury and Economy (the "Ministry") had amended the FX payment ban exemptions on November 16, 2018.

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Erdi Yildirim
Erdi Yildirim
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Recent Development

The Ministry of Treasury and Economy (the "Ministry") had amended the FX payment ban exemptions on November 16, 2018. The Ministry recently published its responses to the Frequently Asked Questions (FAQs) about these amendments.

What's New?

  • For mixed agreements, all agreement types included therein must benefit from the exemption in order to denominate the agreement price and other payment obligations in FX or to be FX-indexed.
  • Different from the Turkish Code of Obligations No. 6098, a service agreement is defined as an agreement related to transactions other than delivery, transactions deemed as delivery and import of goods.
  • If any portion of the costs that a contractor assumes is in FX, the construction agreement price can be denominated in FX or be FX-indexed.

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