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ARTICLE · 05 OCTOBER 2018

Recent Decree Bans Foreign Currency Contracts Between Turkish Residents

Eryurekli Law Office
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This Legal Alert aims to set out the amendments made to the Decree No. 32 on Protection of the Value of Turkish Currency ("Decree").

TurkeyGovernment, Public Sector
Murat Eryürekli
Murat Eryürekli
Ayça Sarıkamış
Ayça Sarıkamış
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This Legal Alert aims to set out the amendments made to the Decree No. 32 on Protection of the Value of Turkish Currency ("Decree").

Presidency of the Republic of Turkey issued a new Presidential Decree (Decree No: 85) in the Official Gazette dated 13 September 2018 and numbered 30534, which brings prohibition to use foreign currencies in contracts between Turkish residents (the "Amendment").

Pursuant to the Amendment, Turkish residents acting as party to below contracts with other Turkish residents are prohibited to use foreign currency (including Turkish Lira indexed to foreign currency) in determining the contractual value and payment liabilities:

  1. Contracts re. purchase and sale of any movables and immovables (i.e. real estates),

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