Amendment To The Currency Of Payment To Be Made In Foreign Exchange Indexed Sale Of Goods Contracts! 20 April 2022

In accordance with the Decision No. 32 on the Protection of the Value of the Turkish Currency, the matters to be determined by the Ministry of Treasury and Finance are regulated by the "COMMUNIQUE REGARDING DECISION NO. 32 ON THE PROTECTION OF THE VALUE OF TURKISH CURRENCY (“the Communiqué”) (Communiqué No: 2008-32/34)".

Article 8 of the Communiqué titled “Contracts in Foreign Currency and Indexed to Foreign Currency” is as follows:

“(9) All sale of goods contracts executed among Turkish residents could be denominated with foreign currency directly or be subject to foreign currency index except for the contracts for the sales of vehicles.”

With the amendment published in the Official Gazette dated April 19, 2022 and entered into force on the date of its publication, the following statement has been added to the end of the article quoted above:

“However, the contractual payment obligations must be fulfilled and accepted in Turkish currency.”

Accordingly, although contract prices can be determined in foreign currency in the sale of goods contracts, payments must be made in Turkish Currency.


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