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Turkey: Contracts denominated or indexed to foreign currency

Turkey: Contracts denominated or indexed

The regulations in Turkey concerning contracts that are denominated in a foreign currency or that are indexed to a foreign currency have been updated.

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The recent guidance (Communique No, 2018-32/52 dated 16 November 2018) was published in the official gazette and updates limitations that were imposed on the ability to determine contract value and other payment obligations in a foreign currency. There are new measures concerning contracts for real estate sales and rental contracts, employment contracts, service agreements, sales of software and license and service agreements, financial leasing contracts, capital market instruments, and contracts for transportation activities, among others.

 

Read a December 2018 report [PDF 325 KB] prepared by the KPMG member firm in Turkey

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