The Communiqué (Amending Communiqué) Amending the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (Communiqué No: 2008-32/34) (Communiqué) prepared by the Ministry of Treasury and Finance entered into force after being published in the Official Gazette on February 28, 2024.
As it is known, with the amendment made to the Communiqué on April 19, 2022, it was prohibited to fulfill payment obligations subject to securities sales contracts other than vehicle sales contracts to be concluded between Turkish residents in foreign currency.
With the Amending Communiqué, the principles of implementation of the prohibition of payment in foreign currency have been reorganized. In this respect, the Amending Communiqué introduced certain exceptions to the regulation on the fulfillment and acceptance of payment obligations in Turkish currency for securities sales contracts other than vehicle sales contracts. Accordingly, payment obligations subject to the following securities sales contracts concluded between Turkish residents may be fulfilled in foreign currency:
a. Payment obligations under foreign currency denominated negotiable instruments that entered into circulation before the effective date of the Communiqué amendment dated April 19, 2022 within the scope of the performance of securities sales contracts concluded before April 19, 2022.
b. Payment obligations within the scope of invoices issued before April 19, 2022.
c. Payment obligations within the scope of precious metals and precious stones trading transactions in Borsa Istanbul A.Ş. Precious Metals and Precious Stones Market in foreign currency and settlement of these transactions.
d. Within the scope of the Communiqué on the Status of Foreign Trade Capital Companies and the Communiqué on the Status of Sectoral Foreign Trade Companies, payment obligations within the scope of securities sales contracts for exports to be realized through Foreign Trade Capital Companies or Sectoral Foreign Trade Companies on the basis of an intermediated export contract and exports to be realized on the basis of an intermediated export contract through companies with the status of Export Consortium under the Decree No. 5973 on Export Supports and E-Export Consortium under the Decree No. 5986 on E-Export Supports.
e. Payment obligations within the scope of securities sales contracts concluded for the delivery of goods to which transit and customs warehouse regimes, temporary storage and free zone provisions in the Customs Law No. 4458, including the sale and delivery of exports subject to customs declaration.
f. Payment obligations related to the delivery of goods subject to the securities sales contract concluded with the companies operating in the free zone within the scope of foreign trade transactions.
With the Amending Communiqué, it has been decided that the exemptions in subparagraphs (a), (b) and (c) listed above will be valid as of April 21, 2022; and those in subparagraphs (d), (e) and (f) will be valid as of February 28, 2024.
