03February2023

Communiqué on Supporting the Foreign Currency to TL Conversion of Companies

Communiqué on Supporting the Foreign Currency to TL Conversion of Companies (2023/5) has been published in the Official Gazette No. 32085 on January 26, 2023 and entered into effect.

The purpose of the Communiqué is to regulate the procedures and principles regarding the support to be provided to the companies in case the foreign currency of the companies is sold to the Central Bank and converted into Turkish Lira deposit and participation accounts.

Within the scope of the relevant Communiqué, it has been decided that 2% of the amount converted into Turkish Lira will be paid to the companies that have made a commitment regarding not to purchase foreign currency for the period to be determined by the Central Bank, during the sale of foreign currency of foreign origin to the Central Bank through the corporate bank.

The Communiqué has become effective as of the publishing date.

Relevant Official Gazette can be accessed from here.

Should you have any queries or need further details, please contact your customer representative.

Author Selma Kıy, Category Taxation Law

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