Comprehensive Amendments to the CBRT's Foreign Exchange Conversion Support Scheme

Significant amendments have been introduced to the Communiqué on Supporting the Conversion of Companies' Foreign Exchange Funds Originating Abroad into Turkish Lira by Communiqué No. 2026/11 of the Central Bank of the Republic of Türkiye (CBRT), published in the Official Gazette No. 33327 dated August 1, 2026.

1. Foreign Exchange Conversion Support Scheme Revised

Companies that sell foreign exchange funds originating abroad to the Central Bank of the Republic of Türkiye (CBRT) through intermediary banks will continue to be eligible for foreign exchange conversion support equal to 2% of the amount converted into Turkish lira, provided that:

• An application is submitted and
• The foreign exchange position ratio determined by the CBRT is not exceeded.

The amended Communiqué also expressly provides that foreign exchange sold to the CBRT under the scheme may not be returned to the selling company.

2. Foreign Exchange Position Ratio and Maximum Support Limits

Under the new Communiqué, companies are required to demonstrate that their foreign exchange position ratios do not exceed the limits determined by the Central Bank of the Republic of Türkiye (CBRT) and to submit the required information and supporting documents to intermediary banks in order to benefit from the support.

In addition, the Central Bank of the Republic of Türkiye (CBRT) has been authorized to set upper limits on the amount of foreign currency that may be sold and the amount of support that may be granted on a company-by-company basis.

3. New Framework for Intermediary Export Transactions

The amendment allows foreign currency brought into Türkiye through Foreign Trade Capital Companies, Sectoral Foreign Trade Companies, and other intermediary exporters to be sold to the Central Bank on behalf of the companies supplying the goods.

4. New Powers and Responsibilities for Intermediary Banks

Intermediary banks are now authorized to:

• Request any information and documentation they deem necessary from applicant companies,
• Charge commissions for foreign exchange conversion support transactions and
• Report suspicious transactions to the CBRT.

The maximum commission rate that may be charged by intermediary banks will be determined by the CBRT.

One of the most notable provisions introduced by the new Communiqué concerns the sanctions applicable in cases of false declarations and improper use. Where false or misleading information is provided, fraudulent documents are submitted, or the support is found to have been used for purposes other than those intended:

• All support payments received will be recovered together with any exchange rate differences; and
• Interest will accrue from the payment date until the date of determination at the highest overnight lending rate announced by the CBRT.

Furthermore, the company's applications for new foreign exchange conversion support, CBRT-funded loan applications, and requests to utilize such loans will not be accepted for a period to be determined by the Central Bank of the Republic of Türkiye (CBRT).

Where appropriate, criminal complaints may also be filed against the responsible persons.

The Communiqué extends its scope not only to the company committing the violation, but also to companies under its control, companies that control it, and other companies under common control.

Until the amounts determined as a result of the violation have been fully repaid, these companies will likewise be ineligible for foreign exchange conversion support and CBRT-funded credit facilities.

The amended Communiqué introduces, for the first time, a definition of the concept of company control.

A control relationship will be deemed to exist where a person or entity, directly or indirectly:

• Holds at least 50% of the shares,
• Possesses at least 50% of the voting rights,
• Has the right to appoint at least 50% of the members of the board of directors or
• Otherwise controls at least 50% of the members of the board of directors.

The provision extending the transition period entered into force on August 1, 2026. The remaining provisions will enter into force on October 1, 2026.

You may access the relevant announcement here. (In Turkish)