Evren Özmen
Serbest Muhasebeci Mali Müşavir
Bilirkişi
evrenozmen@ozmconsultancy.com
www.ozmconsultancy.com

Foreign Exchange Payment Ban in Turkey

FX Payment Ban on Sale of Goods

Turkey bans use of foreign currencies in domestic business payments

Amendment 2008–32/34 on the Decree №32 on the “Protection of the Value of Turkish Currency” was published in the Official Gazette on April 19, 2022.

What is the Foreign Exchange Payment ban in Turkey?

In accordance with the law amendment, it is no longer possible to pay in foreign currency in connection with the sale of goods between parties who are residents in Turkey.

When will be the amendment entered into force?

The law entered into force on 19 April, the day it was published in the official gazette.

What is the scope of this regulation?

The regulation covers all sales of goods between domestic residents. It is still possible to sign contracts between the parties in foreign currency. But, payments can only be made in Turkish Lira

Invoices issued before April 19 can be paid in foreign currency.

How will the exchange rate be determined for payments to be made in Turkish lira?

There is no information given about the exchange rate in the regulation. Therefore if there is no written agreement between parties, the rate to be taken as a basis is the foreign exchange buying rate announced by the Central Bank.

What is the purpose of this regulation?

The aim of this regulation is to protect the value of the Turkish Lira

There are many international and domestic factors that can have an effect on the Turkish lira currency, such as the United States dollar, oil prices, the war in Ukraine, and inflation. Unfortunately with the Turkish Lira plummeting in value and the government trying to protect its value, a lot of people are asking what can be done to stop this. In a nutshell, it’s difficult to predict how long this downward trend will persist.

To be more specific about how to protect the value of the Turkish currency, here are some regulations enacted by the government

First of all, I would like to state that capital control is definitely not one of the options on the table. Although protective fiscal policies are implemented from time to time, Turkey is not a country that will easily give up on free-market rules.

Some measures are taken by the government

• The central bank is buying 40 % of all income from exports of goods so long as the exporters receive payments in U.S. dollars, euros, or pounds
• FX Payment Ban on Sale of Goods
• FX Protected Deposit Accounts

In conclusion; Turkey has always been an important country economically and strategically, as it is well placed at the crossroads of Asia and Europe with well-educated labor force and favorable demographics

26.04.2022

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