Obligation to Pay in Turkish Lira in Contracts for Sale of Goods Has Been Introduced
The Communiqué No. 2022-32/66 Amending the Communiqué No. 2008-32/34 (“Communiqué”) regarding the Decree No:32 on Protection of the Value of Turkish Currency was published in the Official Gazette dated 19 April 2022 and No. 31814.
Under Article 8/9 of the Communiqué, the contract value and the payment obligations under the contracts for sale of goods to be executed between the persons residing in Turkey (except for the vehicle sale contracts) could be determined in foreign currency or indexed to foreign currency. Pursuant to the amendments, it is now obligatory to execute and accept the payment obligations that constitute the subject of those contracts in Turkish Lira.
Moreover, as per the additions on the Article 8/15 of the Communiqué, it has been regulated that the contact value and the payment obligations under the contracts other than real estate sale and real estate lease contracts, to which public institutions and organizations or Turkish Armed Forces Foundation companies are a party, the contract value and other payment obligations that arise from the contract may be paid and accepted in foreign currency or indexed to foreign currency.
The Communiqué has entered into force through its publication on 19.04.2022.
You may find the full text of the Communiqué here.
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