Foreign Currency Decision and Its Effects on Business Life
Presidency of the Republic of Turkey issued a new Presidential Decree (Decree No: 85) in the Official Gazette dated 13 September 2018 and numbered 30534, which prohibits the usage of foreign currencies in contracts between Turkish residents (the “Amendment”). According to the Amendment, Turkish residents acting as a party to the contracts listed below, with other Turkish residents are prohibited to use foreign currency (including Turkish Lira indexed to foreign currency) in determining the contractual value and payment liabilities: 1)...