Announcement - Foreign Currency or Foreign Currency Indexed Payment Ban in Contracts

The Ministry of Treasury and Finance published an announcement on its website dated October 10, 2020 regarding "Foreign Currency or Foreign Currency Indexed Payment Ban in Contracts". In the Announcement, after the President's Decree No. 85 published in the Official Gazette dated 12.09.2018, after the expiry of the two-year period foreseen for the transition period, it will not be possible to determine payment in foreign currency or indexed to foreign currency in the contracts subject to regulation. In case of detecting contrary practices, necessary sanctions will be applied in accordance with the foreign exchange legislation.

You may find the Announcement from the link below and please do not hesitate to contact us if you’d like further information.

https://www.hmb.gov.tr/duyuru/doviz-cinsinden-veya-dovize-endeksli-sozlesme-bedellerine-iliskin-duyuru-2