THE COMMUNIQUE AMENDING THE COMMUNIQUE (COMMUNIQUE NUMBER: 2008-32/34) ON DECREE NO. 32 ON THE PROTECTION OF THE VALUE OF THE TURKISH CURRENCY
A new Communiqué amending the Communiqué (Communiqué number: 2008-32/34) on Decree No. 32 on the Protection of the Value of the Turkish Currency (in Turkish “Türk Parasının Kıymetini Koruma Hakkında 32 Sayılı Karara İlişkin Tebliğ (Tebliğ No : 2008-32/34)’de Değişiklik Yapılmasına Dair Tebliğ”) (“Communiqué”) has been published in the Official Gazette on 16 November 2018 and entered into force on the same day.
The Communiqué brings some new regulations regarding the contracts in Foreign Currency or indexed to Foreign Currency as follows:
| Contracts in Foreign Currency or Indexed to Foreign Currency | |
| Not Allowed | Allowed |
| For and between the real or legal persons residing or established in Turkey, contracts for sale of real estates in Turkey, including residence and place of business with a roof (in Turkish “konut ve çatılı işyeri”) (art. 8/1) | Real estates at Free Zones (art.8/1) |
| For and between the real or legal persons residing or established in Turkey, contracts for renting real estates in Turkey, including residence and place of business with a roof (art. 8/2) | |
| The contracts signed for sale or rent of real estates by Non- Turkish citizens residing in Turkey or by the persons listed in paragraph 19 as the seller or the tenant. The persons listed in paragraph 19 are as follows: The branches, representation offices, offices and liaison offices of the persons residing abroad or the companies where they have direct or indirect share of more than fifty percent or companies with their jointcontrol and / or control. (art. 8/3) | |
| The real estates to be rented by the Ministry of Culture and Tourism for running licensed accommodation facilities (art. 8/4) | |
| Real estate contracts for renting duty free shops (art 8/5) | |
| For and between the real or legal persons residing or established in Turkey, employment contracts (art. 8/6) |
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| For and between the real or legal persons residing or established in Turkey, service agreements including consultancy, brokerage and transportation (art. 8/7) |
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| For and between the real or legal persons residing or established in Turkey, contracts of construction (in Turkish, “Eser Sözleşmeleri”) (art. 8/8) | Contracts of construction (in Turkish “Eser Sözleşmeleri”) that have foreign currency cost (art 8/8) |
| For and between the real or legal persons residing or established in Turkey, contracts for sale of vehicles (art. 8/9) | Contracts for sale of movables, including construction equipment (in Turkish “İş Makinesi”), except for sale of vehicles (art. 8/9) |
| For and between the real or legal persons residing or established in Turkey, contracts for renting vehicles, (art.8/10) | Contracts for renting movables, including construction equipment (in Turkish “İş Makinesi”), except for rent of vehicles. (art 8/10) |
- The negotiable instruments within the scope of the contracts subject to the prohibition of executing in foreign currency or indexed to foreign currency cannot also be issued in foreign currency or indexed to foreign currency (art. 8/21). However, the negotiable instruments that have been issued and gotten into circulation before the effective date of the provisional clause 8 of the Decree numbered 32 (13 September 2018) are exempted from this prohibition. (art. 8/21)
- The contracts indexed to precious metal and/or goods that are priced with foreign currency in international markets and /or indexed indirectly to foreign currency shall be deemed as contracts indexed to foreign currency. However, concerning the service agreements for transportation activities, it is allowed to be indexed to fuel oil prices.
- The deposits given under the contracts of renting real estates shall be exempted from the prohibition of executing contracts in foreign currency or indexed to foreign currency.
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