Amendments to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency
Av. Ali Mert Çavuşoğlu
Dila Mayda
The Ministry of Treasury and Finance published a communiqué in the Official Gazette dated January 24, 2025, and numbered 32792, introducing amendments to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2008-32/34).
1.Amendment to Article 8, Paragraph 15
The phrase “companies holding Level (A) or (B) certificates under the Industrial Competency Evaluation and Support Program (EYDEP)” has been added, thereby including companies holding these certificates within the scope of the paragraph.
According to the amendment, it is now possible for companies holding these certificates to stipulate, pay, and accept contract values and other payment obligations arising from contracts, excluding real estate sales and rental agreements, in foreign currency or indexed to foreign currency.
2.Amendment to Article 11, Paragraph 1
The phrase “the procedures and principles regarding the use of loans obtained from abroad through a bank in Turkey shall be determined by the Ministry” has been added, and the paragraph has been revised as follows:“Persons residing in Turkey shall use loans obtained from abroad through banks. The procedures and principles regarding the use of loans obtained from abroad through a bank in Turkey shall be determined by the Ministry.”
3.Subparagraphs Removed from Article 11, Paragraph 1
The following subparagraphs have been removed from Article 11, Paragraph 1:
"a) Loans obtained from abroad for the overseas operations of persons residing in Turkey,
b) Loans obtained by persons residing in Turkey from export credit institutions or under guarantees of export credit guarantee organizations, which are directly paid to overseas exporters,
c) Loans obtained from overseas development banks that are not export credit or guarantee organizations but provide upfront financing or deferred financing support instead of cash loans, provided these loans are exclusively for the importation of goods,
ç) Loans obtained by persons residing in Turkey for the purpose of importing ships from abroad."
As a result of this amendment, the exemption previously granted to the loan classes listed above from the requirement to be used “through banks” has been removed.
