With the amendment made in the Communiqué on the Decision No. 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2008-32/34) published in the Official Gazette dated 19 April 2022 and numbered 31814 (Communiqué No: 2022-32/66), the phrase “However, it is obligatory to fulfill and accept the contractual payment obligations in Turkish currency.” has been added to the end of the ninth paragraph of Article 8 of the said Communiqué.

According to this amendment, “It is possible for residents of Turkey to determine the price and other payment obligations arising from securities sales contracts other than vehicle sales contracts to be concluded between themselves in foreign currency or indexed to foreign currency; however, it is obligatory to fulfill and accept the contractual payment obligations in Turkish currency”.

Within the scope of the first paragraph of Article 3 of the Law No. 1567 on the Protection of the Value of Turkish Currency, an administrative fine will be applied with the scope of reproportion to those who violate this obligation.

Accordingly, separately for each party of the contract, which may be found to be in violation of the TL payment obligation.

– From approximately 31,656 TL up to 264,172 TL due to acts committed in 2023,

– Due to the acts to be committed in 2024, an administrative fine from approximately 50,162 TL of up to 418,607 TL may be imposed.

The Public Prosecutor is authorized to decide on the administrative fine to be imposed, and in case of recurrence of the violation, the specified penalties can be applied twice.

Within the scope of the first paragraph of Article 3 of the Law No. 1567 on the Protection of the Value of Turkish Currency, an administrative fine will be applied with the scope of reproportion to those who violate this obligation.

Kind regards.

SEYHAN LAW FIRM

Atty. Bülent SEYHAN