PAYING IN FOREIGN CURRENCY HAS BECOME FREE

The Ministry of Treasury and Finance abolished the obligation to make payment obligations in Turkish Lira (TL) in securities sales contracts introduced in 2022. The new regulation entered into force after being published in the Official Gazette.

Foreign Currency Payments Allowed Again

According to the statement made by the ministry, within the framework of foreign exchange policies aligned with macroeconomic conditions, the restriction on foreign currency payments or foreign currency-indexed payments in movable property sales contracts, excluding vehicle sales contracts, has been removed.

The Obligation Was Introduced in 2022

With an amendment made on September 13, 2018, it was ruled that Turkish residents could not make payments in foreign currency in certain types of contracts. Later, with a regulation issued on April 19, 2022, the use of Turkish Lira in movable property sales contracts was made mandatory. However, this obligation has now been lifted with the latest amendment.

Extended Camera Recording Duration for Exchange Offices

Meanwhile, the Ministry of Treasury and Finance has taken another step to enhance the reliability of the financial sector. As part of Turkey’s compliance process with the standards of the Financial Action Task Force (FATF), the mandatory storage period for camera recordings in authorized exchange offices has been extended from one year to two years. This change aims to strengthen efforts against unregistered economic activities.

With these new regulations, flexibility in foreign currency transactions has been reintroduced, while supervisory mechanisms in the financial sector have been strengthened.

Labels