EXCEPTIONS TO THE FOREIGN CURRECY PAYMENT BAN HAS BEEN EXPANDED IN TÜRKİYE

The Communiqué numbered 2024-32/69 amending the Communiqué on Decree numbered 32 on the Protection of Value of Turkish Currency (Communiqué numbered 2008-32/34) (in Turkish “Türk Parası Kıymetini Koruma Hakkında 32 Sayılı Karara İlişkin Tebliğ (Tebliğ No: 2008-32/34)’de Değişiklik Yapılmasına Dair Tebliğ (No: 2024-32/69)”, “the Amending Communiqué”)  has been published in the Official Gazette dated 28 February 2024 and numbered 32474 introducing wider exceptions regarding the foreign currency payment ban.

The Amending Communiqué introduces wider exceptions for the movable sales contracts between the real or legal persons residing or established in Türkiye, except for sale of vehicles, in accordance with the Article 8 paragraph 9 of the Communiqué on Decree numbered 32.In this context, the payments for the following movable sales contracts between the real or legal persons residing or established in Türkiye shall be taken into consideration:

1. Payment obligations arising from negotiable instruments (“kıymetli evraklar”) denominated in foreign currency that put into circulation and issued prior to the date of 19 April 2022 within the scope of performing movable sales contracts executed before 19 April 2022,
2. Payment obligations arising from invoices that were issued before 19 April 2022,
3. Payment obligations arising from the commercial transactions in relation to precious metals (“kıymetli maden”) and precious stones (“kıymetli taş”) realized in foreign currency at Borsa Istanbul A.Ş. precious Metals and Diamond Market and payment obligations within the scope of swap of these transactions,
4. Payment obligations under movable sales contracts for exports to be realized through Foreign Trade Capital Companies (in Turkish, “Dış Ticaret Sermaye Şirketleri”) or Sectoral Foreign Trade Companies (in Turkish, “Sektörel Dış Ticaret Şirketler”) based on an intermediated export contract and exports to be realized based on an intermediated export agreement through companies with E-Export Consortium status within the scope of the Decision on E-Export Supports.
5. Payment obligations within the scope of movable sales contracts for the delivery of goods subject to the transit and customs warehouse regimes in accordance with the temporary storage and the free zone provisions of the Customs Law numbered 4458, including the sale and delivery of the bunker fuel (“ihrakiye”) subject to a customs declaration.
6. Payment obligations regarding the delivery of goods subject to the movable sales contracts made within the scope of foreign trade transactions with the companies operating in the free zone.

According to the Amending Communiqué, the exceptions specified in (i), (ii) and (iii) above will become in force as from 21 April 2022, and those specified in (iv), (v) and (vi) will become in force as from 28 February 2024.

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