The Communique on the Decree No. 32 on the Protection of the Value of Turkish Currency was published in the Official Gazette on 19/04/2022 and entered into force on the same date. In the 9th paragraph of the 8th Article of the Communiqué titled Contracts in Foreign Currency and Indexed to Foreign Currency, which is; “Persons residing in Turkey will conclude among themselves; It is possible for them to decide on the contract price and other payment obligations arising from these contracts in foreign currency or indexed to foreign currency in movable sales contracts other than vehicle sales contracts.”, sentence of “However, it is obligatory to fulfill and accept the contractual payment obligations in Turkish currency.” has been added.
Again, in the 15th paragraph of the same article, “Reserving the provisions of the sixteenth paragraph, the contract price and other payment obligations arising from these contracts are in foreign currency or in foreign currency in contracts other than real estate sales and real estate rentals to which public institutions and organizations or Turkish Armed Forces Foundation companies are a party. It is possible to decide on an indexed basis.” by changing the sentence “it is possible to decide, pay and accept in foreign currency indexed.” addition has been made.
In this context, with the said changes; It is aimed to preserve the exception that allows the contract prices to be determined in foreign currency or indexed to foreign currency in movable sales contracts, but to make it obligatory to fulfill and accept the payment obligations subject to these contracts in Turkish currency.
On the other hand, which persons residing in Turkey;
- Within the scope of the performance of the movable sales contracts concluded between themselves before 19/04/2022, the condition of fulfilling and accepting payment obligations in Turkish currency within the scope of foreign currency denominated securities entered circulation before this date is not required,
- The condition of fulfilling and accepting payment obligations in Turkish currency within the scope of invoices issued before 19/04/2022 is not required,
- The condition of fulfilling and accepting the precious metals and precious stones in foreign currency in the Borsa İstanbul A.Ş. Precious Stones Market and the payment obligations within the scope of the clearing of these transactions in Turkish currency is not required. It was approved by the Ministry of Treasury and Finance.
However, in the Communiqué, there is no obligation to fulfill and accept payment obligations in Turkish currency regarding the sales contracts concluded/to be concluded between residents of Turkey and non-residents.
No change has been made regarding the acceptance and fulfillment of payment obligations in Turkish currency regarding contracts other than movable sales contracts in the other paragraphs of Article 8 of the Communiqué, and the existing exceptions apply.
You can find the full text of the communique here.
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Seray ÇİNAR (Apprentice Attorney)
Uçar Law & Consultancy Office