New implementation instruction for foreign currency conversion support to take effect on October 1

The Central Bank of the Republic of Turkey has taken steps to increase effectiveness in the regulation encouraging the conversion of companies' foreign exchange revenues from abroad into Turkish liras and published the new implementation instruction.

Objective of the New Era

Minister of Treasury and Finance Mehmet Şimşek stated that steps have been taken to increase the effectiveness of the foreign currency conversion support application.

It was emphasized that the main objective of the regulation is to make the support mechanism more effective and compatible with the actual economic activities of companies.

Implementation Principles and Instruction

The new implementation instruction regarding foreign currency conversion support, which will enter into force on October 1, has been published and its details have been finalized.

In the new period, the amount of foreign currency that can be sold within the scope of the support was linked to value added, and an upper limit was introduced for the support amount.

Conditions and Measures

The commitment not to purchase foreign currency in the current practice was removed, and a foreign exchange position condition was introduced in its place.

While making it easier for supplier companies to benefit from the support, it was also aimed to prevent potential abuses.