Fixing the Contract Price at Foreign Currency

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Which Changes Were Brought by the 13.09.2018 Amendment of the Law on Protection of the Value of Turkish Currency?

Baris Erkan Celebi, Attorney at Law

ABSTRACT

The Presidential Order dated 13.09.2018 prohibited the fixing, determining or payment of the contract prices at foreign currency for certain contracts between persons who are resident in Turkey. These contracts are sale of property and movables, lease contracts, employment contracts and independent contractor agreements.

The Order not only prohibits the fixing of the contract prices at foreign currency for contracts entered into after 13.09.2018, it also orders for all effective contracts which were entered into prior to this date to renew their foreign currency contract amounts as Turkish lira by the date of 12.10.2018.

However, the Presidential Order dated 13.09.2018 left the authority to determine many subjects to the Ministry of Treasure which in turn published a Communique, brining many exceptions and even exceptions to exceptions.

As a result, the matter of which contracts could have their contract prices fixed at foreign currency has become a subject which should be examined diligently. In this study, it will be briefly discussed which contracts could have their contract prices fixed at foreign currency within the framework of the Presidential Order dated 13.09.2018 and the Communique dated 06.10.2018.

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