| Presidential Decree no. 85 amending Decree No. 32 on the Protection of the Value of Turkish Currency (“Decree“) was published in the Official Gazette on 13 September 2018 and entered into force on the same day. |
| According to the Decree, the agreement price and any other payment obligation arising from sale and purchase agreements for movable and immovable assets; lease agreements for any movable and immovable assets, including vehicles and financial leasing; employment; service; and construction agreements, executed by and between persons residing in Turkey, may not be denominated in foreign currency or be indexed to foreign currency, except in circumstances determined by the Ministry of Treasury and Finance (“Ministry“). |
| Amounts denominated in foreign currency in agreements currently in force must be determined in Turkish Lira within thirty days following the Decree’s enactment, except in circumstances to be determined by the Ministry. |
| The Ministry has yet to publish any exceptions to this rule. We will be updating you on this accordingly. |
| Please contact us if you have any queries. |
