Regulatory Changes in Turkey: Foreign Currency Payments for Movable Sales Now Allowed
In a significant Turkey update, the requirement to receive payments in Turkish Lira in movable asset sales (excluding vehicle sales) by residents has been lifted. In amending this under Communiqué No. 2025-32/72 issued in the Official Gazette on 6 March 2025, the previous restriction under the Regulation on the Protection of the Value of Turkish Currency (Communiqué No. 2008-32/34) is repealed.
Overview of the Changes
Previously, individuals residing in Turkey were mandated to fulfil and accept payments in Turkish Lira for movable property sales, with certain exceptions such as transactions on the Istanbul Stock Exchange involving foreign currencies and sales within free zones. The 2022 amendment had introduced these stringent measures to stabilize the Turkish Lira and control inflation.
However, the new amendment reverses these prohibitions, allowing residents to agree and settle in foreign currencies or foreign currency-indexed mutually. This relaxation of regulation aims to enhance the flexibility of business transactions and attract more foreign investment through adaptation with international trading habits.
Legal Consequences and Guidance
While this change offers a more liberal economic environment, it is essential that companies and entities transacting in movable property know the implications through and through. The ability to trade in foreign currencies can have pricing strategy implications, contract terms implications, and financial projection implications.
We at CCS Law remain committed to providing our clients with the most recent in legal advice and support. To businesses that trade between the UK and Turkey, knowledge of such changes is paramount to strategic planning and compliance. We would recommend taking legal advice to negotiate the new rules effectively.
This development marks a major milestone in Turkey's financial regulations, potentially impacting numerous transactions and industries. As always, CCS Law is here to assist with navigating these changes, ensuring your business operations remain compliant and strategically wise.
For further information or to discuss the potential implications of these changes on your business, please do not hesitate to reach out to us.
Disclaimer: This article is intended for informational purposes only and does not constitute legal advice.
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