The Regulation Amending the Communiqué (No: 2008-32/34) on the Decision No. 32 Regarding the Protection of the Value of Turkish Currency, published in the Official Gazette on 28.02.2024 (Communiqué No: 2024-32/69), introduced exceptional regulations by amending the provisions of the ban on payments in foreign currency.

What Has Changed?

With the new regulation, the subparagraphs added to paragraph 9 of article 8 of the Communiqué have been introduced as exceptions to the obligation to pay in Turkish currency. These are;

a. Payments to be made in accordance with negotiable instruments (such as promissory notes, checks, bills of exchange, etc.) in circulation before 19.04.2022, within the scope of the performance of movable sales agreements concluded before this date,

b. Payments to be made in accordance with invoices issued before 19.04.2022,

c. Payments related to the purchase and sale transactions of precious metals and precious stones to be conducted in the Borsa Istanbul Precious Metals and Precious Stones Market, including the clearing, the exchange of these transactions,

ç. Payments within the scope of movable sales contracts for exports to be conducted based on intermediary export contracts through Foreign Trade Joint Stock Companies or Sectoral Foreign Trade Companies, as regulated under the Communiqué on the Status of Foreign Trade Joint Stock Companies and the Communiqué on the Status of Sectoral Foreign Trade Companies, along with exports to be conducted based on intermediary export contracts through companies holding the Export Consortium status under the Decision on Export Supports dated 17/8/2022 and the E-Export Consortium status under the Decision on E-Export Supports dated 24/8/2022,

d. Payments within the scope of movable sales contracts concluded for the delivery of goods subject to customs procedures, including the importation, sales, and delivery subject to customs declaration, as well as goods subject to transit and customs warehousing regimes, temporary storage, and free zone provisions under the Customs Law,

e. Payments related to the delivery of goods subject to movable sales contracts concluded within the scope of foreign trade transactions with companies operating in free zones.

When Will It Enter Into Force?

Subsections (a), (b), and (c) added to Article 8/9 of the Communiqué will enter into force as of the publication date starting from 21.04.2022, while other provisions will enter into force as of the publication date. You can access the relevant Communiqué from the link.