Recent Changes in the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency

The Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (“Communiqué”) has been amended with the Communiqué (No: 2024-32/69) Amending the Communiqué.  With the amendment made to the Communiqué on 28 February 2024, the provisions on the determination of the contract price and other payment obligations in foreign currency or indexed to foreign currency in movable sales contracts, except for the contracts of vehicle sales, to be executed between Turkish residents have been amended. As such, the following payment obligations may be agreed upon in foreign currency:

• arising from securities denominated in foreign currency that entered into circulation before 19 April 2022, within the scope of the performance of securities sale contracts executed prior to 19 April 2022;
• related to invoices issued before 19 April 2022;
• related to precious metals and precious stones trading transactions made in foreign currency at Borsa İstanbul A.Ş. Precious Metals and Diamond Market and payments within the scope of settlement of these transactions;
• related to movable sales contracts for the exports to be made via foreign trade capital companies or sectoral foreign trade companies based on an intermediated export contract , through companies with E-Export Consortium status (details of which are clarified under the Communiqué);
• arising from the delivery of goods to which the transit and customs bonded warehouse regimes and temporary storage and free zone provisions are applied;
• regarding the contracts made with companies operating in the free zone within the scope of foreign trade transactions;

Items (i), (ii) and (iii) will enter into force as of 19 April 2022 retroactively, whereby the remaining will be applicable as of 28 February 2024.

This article has been authored by Ayça Gümüşay