Turkey’s Ban on Foreign-Currency Contracts and the Foreign-Owned Company Exception 2026 — Decree No. 32 Art. 4(g), the 50% Rule in Communiqué Art. 8(19), Office Leases, Employment, Service and Movables Contracts, Indexation, Fines and the Constitutional Court Decision

Turkish version (Türkçe sürüm): Döviz Cinsinden Sözleşme Yasağı ve Yabancı Sermayeli Şirket İstisnası

As a rule, persons resident in Turkey may not set the price in foreign currency or index it to foreign currency in real estate sale and lease, vehicle sale and lease, employment, service and work contracts (eser sözleşmesi – contracts to produce a specified result, such as construction or installation) between themselves (Decree No. 32, Art. 4(g); Communiqué Art. 8). A foreign-owned company incorporated in Turkey is also a “person resident in Turkey” and is subject to this ban. However, Article 8(19) of the Communiqué on Decree No. 32 grants a broad exception to the Turkish branches, representative offices, offices and liaison offices of non-residents, to companies in which non-residents directly or indirectly hold 50% or more of the shares or which they control, and to free zone companies. These persons may set the price in foreign currency in employment and service contracts where they are the employer or the service recipient, and in real estate sale and lease contracts where they are the buyer or tenant (Communiqué Arts. 8(3), 8(19)). Where they are the seller, landlord or service provider, they cannot rely on this exception; foreign currency is then possible only if the counterparty or the contract falls under another exception. In sales and leases of movable property other than vehicles, anyone has been able to set the price in foreign currency since 2018; the requirement to pay in Turkish lira introduced for sales on 19 April 2022 was abolished on 6 March 2025. This guide explains, from a foreign investor’s perspective, the scope of the ban, which contracts the 50% exception helps with, the ban on indexation to foreign currency, contracts made before 13 September 2018, the 2026 administrative fines, the effect on the validity of contracts, and the position after the Constitutional Court decision.

Legal basis of the ban and who is bound

The ban on foreign-currency contracts is based on sub-paragraph (g), added to Article 4 of Decree No. 32 on the Protection of the Value of the Turkish Currency by Presidential Decision No. 85 (Official Gazette of 13 September 2018). Under that sub-paragraph, except in cases determined by the Ministry, in contracts between persons resident in Turkey for the sale and purchase of movable and immovable property, all kinds of leases of movable and immovable property including vehicle and financial leases, leasing, and employment, service and work contracts, the contract price and other payment obligations arising from these contracts may not be set in foreign currency or indexed to foreign currency.

The phrase “cases determined by the Ministry” leaves the exceptions to the Ministry of Treasury and Finance. The Ministry has set them out in Article 8 of the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (Communiqué No. 2008-32/34, the “Communiqué”). The article has been amended many times since 2018 (most recently on 6 March 2025). The amendment of 8 October 2024 inserted a new paragraph (21) after paragraph (20), and each of the following paragraphs was renumbered one number higher. Paragraph numbers in older sources should therefore not be used without checking them against the current text.

The ban binds only contracts between “persons resident in Turkey”. Under Article 2 of Decree No. 32, persons resident in Turkey are natural and legal persons whose legal residence is in Turkey, including Turkish citizens working abroad as employees, self-employed professionals or business owners; non-residents are natural and legal persons not deemed resident in Turkey. If one of the parties is a non-resident, the ban does not apply. For example, in a contract between a parent company abroad and a supplier in Turkey, the price can be set in foreign currency.

Is a foreign-owned company “resident”?

Yes. A joint stock or limited company incorporated in Turkey under the Turkish Commercial Code has its legal residence in Turkey; even if all of its shareholders are foreign, the company is a legal person resident in Turkey. The Ministry of Treasury and Finance’s Frequently Asked Questions on the amendment of 16 November 2018 also state that non-residents are not subject to the Communiqué, whereas legal persons with their legal residence in Turkey fall within the Communiqué and are treated as resident in Turkey. Although a foreign company’s Turkish branch has no separate legal personality, the fact that Communiqué Art. 8(19) expressly brings branches within the exception shows that branches are also treated as subject to the ban.

A foreign investor’s assumption that “our company is foreign-owned, so we can contract in foreign currency” is therefore only half right. A foreign-owned company is not automatically outside the ban; it benefits from the specific exceptions the Communiqué provides for it. These exceptions vary by type of contract and by the company’s position in the contract. Falling within the scope of Foreign Direct Investment Law No. 4875 is not enough on its own; Article 8 of the Communiqué makes no reference to Law No. 4875, and the decisive factor is the shareholding and control test in Article 8(19).

The 50% exception: who benefits, and in which contracts does it help?

Communiqué Art. 8(19) lists the following: the branches, representative offices, offices and liaison offices in Turkey of non-residents; companies in which non-residents directly or indirectly hold 50% or more of the shares or have joint control and/or control; and companies in free zones, within the scope of their free zone activities. In employment and service contracts to which these persons are party as employer or service recipient, the price and other payment obligations may be set in foreign currency or indexed to foreign currency.

Communiqué Art. 8(3) opens the same door on the real estate side: in real estate sale and lease contracts to which persons resident in Turkey without Turkish citizenship, or the persons listed in Art. 8(19), are party as buyer or tenant, the price may be set in foreign currency. The common logic of the two paragraphs is this: the exception works in contracts where the foreign-owned company is the paying party. Where the company is the receiving party, that is, the seller, landlord or service provider, the general ban continues to apply unless the counterparty also falls under an exception.

The 50% threshold covers direct and indirect shareholdings together; in addition, companies jointly controlled or controlled by non-residents are within the exception even if the non-residents’ shareholding is below 50%. In practice, whether the exception still applies should be checked again whenever the shareholding structure changes: if the foreign shareholding falls below the threshold and control also changes hands, the company falls outside the exception. Setting up a company in Turkey is explained in our guide Company Formation in Turkey for Foreigners, and the branch structure in Can a Foreign Company Open a Branch in Turkey?

Real estate sales and office leases

Under Communiqué Art. 8(1), persons resident in Turkey may not set the contract price and other payment obligations in foreign currency or index them to foreign currency in sale contracts between themselves concerning real estate located in Turkey, including residences and roofed business premises. The same rule is laid down for real estate lease contracts by Art. 8(2).

The exceptions are in Arts. 8(3), 8(4) and 8(5). Under Art. 8(3), foreign currency is allowed in sale and lease contracts to which persons resident in Turkey without Turkish citizenship, or the persons listed in Art. 8(19), are party as buyer or tenant. Art. 8(4) creates an exception for leasing accommodation facilities certified by the Ministry of Culture and Tourism for the purpose of operating them, and Art. 8(5) for leasing duty-free shops.

This table has two practical consequences for a foreign investor. First, a foreign-owned company leasing an office or warehouse in Turkey may set the rent in foreign currency even if the landlord is a domestic person, because the exception depends on the status of the tenant. Second, a foreign-owned company that invests in real estate in Turkey and leases it out must set the rent in Turkish lira if its tenant does not fall under an exception. The limits of the Turkish Code of Obligations on rent increases also apply separately. Details on leases are in our article Kira Bedelinin Döviz Cinsinden Belirlenmesi Yasağı (in Turkish), and whether to buy real estate personally or through a company in our guide Buying Property in Turkey as a Foreign Investor: In Your Own Name or Through a Turkish Company?

Employment, service and work contracts

Employment contracts. Persons resident in Turkey may not set wages and other payment obligations in foreign currency or index them to foreign currency in employment contracts between themselves, other than those to be performed abroad and those to which seafarers are party (Communiqué Art. 8(6)). Two exceptions matter for foreign investors: employment contracts to which persons resident in Turkey without Turkish citizenship (employee or employer) are party (Art. 8(14)), and employment contracts in which a company listed in Art. 8(19) is the employer. A company with 50% or more foreign shareholding may therefore set wages in foreign currency even with its employees who are Turkish citizens. The employment law, tax and social security rules on paying wages continue to apply separately.

Service contracts. In service contracts, including consultancy, brokerage and transport, the general rule is that foreign currency is prohibited (Art. 8(7)). However, foreign currency is allowed in the following contracts:

• service contracts to which persons without Turkish citizenship are party (Art. 8(7)(a)),
• service contracts made in connection with exports, transit trade, sales and deliveries deemed exports, and foreign-currency-earning services and activities (Art. 8(7)(b)),
• service contracts made in connection with activities that persons resident in Turkey will carry out abroad (Art. 8(7)(c)),
• service contracts that start in Turkey and end abroad, start abroad and end in Turkey, or start and end abroad (Art. 8(7)(ç)),
• accommodation service contracts made at accommodation facilities certified by the Ministry of Culture and Tourism (Art. 8(7)(d)).

In addition, companies listed in Art. 8(19) may set the price in foreign currency in contracts where they are the service recipient. For example, a 100% foreign-owned manufacturing company may price consultancy services it buys from a domestic engineering firm in foreign currency. When the same company provides maintenance services to a domestic customer, however, it must set the price in Turkish lira unless the customer also falls under Art. 8(19) or one of the sub-paragraphs of Art. 8(7) applies.

Work contracts (eser sözleşmesi). There is a separate rule for work contracts: in work contracts between persons resident in Turkey that involve costs in foreign currency, the price may be set in foreign currency or indexed to foreign currency (Art. 8(8)). This exception depends not on the parties but on the nature of the costs; Art. 8(19) does not list work contracts. In a construction or installation job involving imported equipment or materials, being able to document the foreign-currency costs is important for applying the exception.

Movables, vehicles, software and leasing

For sales of movable property other than vehicles, setting the price in foreign currency has been allowed since 2018. On 19 April 2022, a requirement was added for these sales that payment be made in Turkish lira even if the price was set in foreign currency. Communiqué No. 2025-32/72, published in the Official Gazette of 6 March 2025, rewrote Art. 8(9) and abolished that payment requirement. Under the current text, persons resident in Turkey may set the price in foreign currency or index it to foreign currency in sale contracts between themselves for movable property, other than vehicle sale contracts. In leases of movable property, foreign currency is also allowed in contracts other than vehicle leases (Art. 8(10)).

Vehicle sale and lease contracts, however, remain within the ban, and Art. 8(19) does not list them. A foreign-owned company cannot buy a vehicle from a domestic dealer, or lease a vehicle, in foreign currency; financial leasing under Articles 17 and 17/A of Decree No. 32 (Art. 8(13)) and the exceptions for the public sector, Turkish Armed Forces Foundation (TSKGV) companies and companies certified under the Industrial Competence Assessment and Support Programme (EYDEP) (Art. 8(15)), public projects (Art. 8(16)) and aviation (Art. 8(20)) remain available. On the IT side, Art. 8(11) allows foreign currency in sale contracts for software produced abroad and in licence and service contracts for hardware and software produced abroad. In financial leasing contracts made under Articles 17 and 17/A of Decree No. 32, the price may be set in foreign currency (Art. 8(13)); Art. 8(12) separately covers financial leasing of ships as defined in Turkish International Ship Registry Law No. 4490.

Indexation and indirect indexation

The ban covers not only explicit foreign-currency prices such as “EUR 10,000” but also formulas linking a Turkish lira price to the exchange rate. Under Communiqué Art. 8(23), contracts indexed to precious metals and/or commodities priced in foreign currency on international markets, and/or indirectly indexed to foreign currency, are treated as foreign-currency-indexed contracts for the purposes of Art. 4(g) of Decree No. 32. Indexation to fuel prices is, however, allowed in service contracts relating to transport activities. Clauses such as “the price is updated according to the euro rate on the payment date” or “the price is set according to the price of gold per ounce” in a contract within the ban are therefore also caught. For gold-denominated contracts, see our article Altın Cinsinden Sözleşme (in Turkish).

There are two further rules. In negotiable instruments issued under contracts in which foreign currency may not be agreed, the amount may also not be set in foreign currency or indexed to foreign currency; there is a separate provision for negotiable instruments put into circulation before Provisional Article 8 of Decree No. 32 took effect (Art. 8(22)). The branches, representative offices, offices and liaison offices abroad of persons resident in Turkey, the funds they operate or manage, and companies in which they directly or indirectly hold 50% or more of the shares are treated as resident in Turkey; however, this rule does not apply if the contract is performed abroad (Art. 8(24)). This rule appears designed to prevent the ban from being circumvented through the foreign units of Turkish companies.

Public sector, defence, aviation and other exceptions

Apart from the 50% exception, there are separate exceptions for certain sectors and parties. Whether a foreign investor falls under them should be checked separately depending on the counterparty and the nature of the project.

Companies operating in free zones benefit from the exception under Art. 8(19) in employment and service contracts where they are the employer or service recipient within the scope of their free zone activities, and under Art. 8(3) in real estate contracts where they are the buyer or tenant. The general framework of the free zone regime is explained on our page Serbest Bölgeler: Statü, Faaliyet Ruhsatı ve Vergi Avantajları (in Turkish).

Contracts made before 13 September 2018

When the ban took effect, Provisional Article 8 was added to Decree No. 32 for existing contracts. Under it, within thirty days of the entry into force of Art. 4(g), prices set in foreign currency in contracts concluded earlier and still in force were to be re-determined by the parties in Turkish currency, except in cases determined by the Ministry. Communiqué Arts. 8(25) to 8(29) govern the details of this transition.

Today these rules matter mostly for long-term lease or service contracts made before 2018 and still running. When a foreign investor takes over an existing company or business in Turkey, it should also have the target’s old foreign-currency contracts reviewed to see whether they were converted into Turkish lira in line with these transition rules. Pre-acquisition review topics are covered in our guide Buying a Turkish Company as a Foreign Investor: Which Approvals Do You Need?

Administrative fines

The sanction for breaching the obligations in Decree No. 32 and the Communiqué is set out in Article 3(1) of Law No. 1567 on the Protection of the Value of the Turkish Currency: a person who acts contrary to the obligations in the general and regulatory acts made by the President under this Law is liable to an administrative fine of three thousand to twenty-five thousand Turkish lira. Under Article 17(7) of Misdemeanours Law No. 5326, these amounts are increased at the start of each calendar year by the revaluation rate.

The range of the fine is wide; in a given case the size and duration of the contract and the nature of the breach are taken into account. As important as the risk of a fine are the contract law consequences explained below: a price clause written in foreign currency may be challenged in a dispute.

Validity of the contract and Court of Cassation case law

Under Article 27(1) of the Turkish Code of Obligations (TCO), contracts that are contrary to mandatory provisions of law, morality, public order or personality rights, or whose subject is impossible, are absolutely null and void; under Art. 27(2), the invalidity of some of the terms of a contract does not affect the validity of the others, but if it is clear that the contract would not have been made without those terms, the whole contract is absolutely null and void. A price clause contrary to the foreign-currency ban is assessed within this framework. Since the ban is contained not in a statute but in a Presidential Decision, the concept of public order becomes important in this assessment. In its decision of 6 October 2022 (Docket No. 2022/6469, Decision No. 2022/9954), concerning enforcement proceedings based on a rent set in euros in 2010 and not converted into Turkish lira, the 12th Civil Chamber of the Court of Cassation (Yargıtay) stated that the regulation aims to protect economic public order and that this must be taken into account by the courts of their own motion.

Where foreign currency is allowed, TCO Art. 99 governs how payment is made. A monetary debt is paid in the national currency; if payment in a currency other than the national currency has been agreed, unless the contract contains an “effective payment” clause (aynen ödeme, i.e. payment in the foreign currency itself) or an expression to that effect, the debt may also be paid in the national currency at the exchange rate on the payment date (Art. 99(1)–(2)). If the debt is not paid on the payment date, unless the contract contains such an “effective payment” clause or an expression to that effect, the creditor may demand payment either in the foreign currency or in the national currency at the exchange rate on the due date or on the actual payment date (Art. 99(3)). Enforcement proceedings for foreign-currency claims are explained in our article Yabancı Para (Döviz) Alacağında İcra Takibi (in Turkish), and adaptation of a contract because of an excessive exchange rate increase in Sözleşmeden Sonra Döviz Aşırı Arttı: Sözleşme Uyarlanabilir mi? (in Turkish).

The Constitutional Court decision and Law No. 7555: is the ban still in force?

By its decision of 17 June 2025 (Docket No. 2024/193, Decision No. 2025/136), the Constitutional Court annulled Article 1 of Law No. 1567, as amended by Law No. 6258, as contrary to the principle that legislative power cannot be delegated, and ruled that the annulment would take effect nine months after publication of the decision in the Official Gazette. The decision was published in the Official Gazette of 15 October 2025, and the annulment took effect on 15 July 2026. Decree No. 32 was adopted in 1989 by the Council of Ministers on the basis of this article; Art. 4(g), which introduced the foreign-currency ban, was added in 2018, after the power had passed to the President, by Presidential Decision No. 85. By the same decision, relying on Article 43(4) of Law No. 6216 on the Establishment and Rules of Procedure of the Constitutional Court, the Court also annulled Article 2 and Additional Article 5 of Law No. 1567, which could no longer be applied once Article 1 was annulled; the nine-month postponement was ordered for Article 1.

However, before the decision was published, the first paragraph of Article 1 of Law No. 1567 was rewritten by Law No. 7555 (Official Gazette of 24 July 2025, in force on publication). The new text is largely similar to the annulled text and additionally lists the sale and purchase of goods made of precious metals and stones and the refining of precious metals; however, it does not set out the framework the Constitutional Court found lacking, namely how and under what conditions the power is to be exercised. The effect of the annulment is therefore disputed. According to one view, since the annulment concerns the old text already amended by Law No. 7555, it has no practical effect, and Decree No. 32 and the Communiqué continue to rest on the new Article 1. According to the opposing view, since the new text largely repeats the text the Court found contrary to Article 7 of the Constitution, the same unconstitutionality continues and the secondary regulations have lost their legal basis. As of the date of writing, no published measure repealing Art. 4(g) of Decree No. 32 or Art. 8 of the Communiqué could be identified.

Checklist for foreign-owned companies

Common mistakes

• Saying “we are foreign-owned, so the ban does not apply to us”: A company incorporated in Turkey is resident. The foreign-ownership exception exists only in the cases in Arts. 8(3) and 8(19) and depends on the company’s position in the contract.
• Asking for foreign-currency rent as landlord: The Art. 8(3) exception depends on the tenant. If the foreign-owned company is the landlord and the tenant does not fall under an exception, the rent is in Turkish lira.
• Pricing services to a domestic customer in foreign currency: Art. 8(19) protects the company as service recipient. When the company is the service provider, the price must be in Turkish lira unless the service recipient also falls under Art. 8(19) or one of the sub-paragraphs of Art. 8(7) applies.
• Assuming an exchange-rate-linked TRY formula is safe: A contract with indirect indexation is also treated as a foreign-currency-indexed contract (Art. 8(23)).
• Forgetting vehicles: The freedom granted for movables (Communiqué Arts. 8(9), 8(10)) does not cover vehicle sales and leases.
• Drafting contracts using old paragraph numbers: Since a new paragraph (21) was inserted into Art. 8 on 8 October 2024, former paragraphs 21–28 have become 22–29.
• Reading the Constitutional Court decision as lifting the ban: The underlying law was rewritten by Law No. 7555; the effect is disputed.

Frequently asked questions

Can a foreign-owned company sign contracts in foreign currency in Turkey?

A foreign-owned company incorporated in Turkey is resident in Turkey and, as a rule, subject to the ban (Decree No. 32, Arts. 2, 4(g)). However, companies in which non-residents directly or indirectly hold 50% or more of the shares or which they control may set the price in foreign currency in employment and service contracts where they are the employer or service recipient, and in real estate contracts where they are the buyer or tenant (Communiqué Arts. 8(3), 8(19)).

Who benefits from the 50% exception?

The branches, representative offices, offices and liaison offices in Turkey of non-residents; companies in which non-residents directly or indirectly hold 50% or more of the shares or have joint control and/or control; and companies in free zones within the scope of their free zone activities (Communiqué Art. 8(19)).

Can a foreign-owned company pay its office rent in foreign currency?

Yes. In real estate lease contracts to which the companies listed in Art. 8(19) are party as tenant, the rent may be set in foreign currency or indexed to foreign currency (Communiqué Art. 8(3)). The exception applies even if the landlord is a domestic person, because it depends on the status of the tenant.

Can a foreign-owned company charge rent in foreign currency for property it leases out?

Not if the tenant does not fall under an exception. The Art. 8(3) exception is provided for persons in the position of buyer or tenant; there is no separate exception for a foreign-owned company acting as landlord (Communiqué Arts. 8(2), 8(3)).

Can a Turkish employee’s salary be set in foreign currency?

As a rule, wages may not be set in foreign currency in employment contracts between persons resident in Turkey (Communiqué Art. 8(6)). However, foreign currency is allowed if the employer is a foreign-owned company, branch or free zone company listed in Art. 8(19), or if a person resident in Turkey without Turkish citizenship is a party to the contract (employee or employer) (Arts. 8(14), 8(19)).

Can a foreign-owned company invoice its customer in foreign currency for services?

The Art. 8(19) exception is for the company as service recipient. As service provider, the company may set the price in foreign currency if the counterparty is not a Turkish citizen, if the service falls within exports, foreign-currency-earning activities, activities abroad or cross-border transport (Communiqué Art. 8(7)), or if the service recipient also falls under Art. 8(19); otherwise the price must be in Turkish lira.

Can foreign currency be used in sales of machinery and equipment?

Yes. Setting the price in foreign currency or indexing it to foreign currency has been allowed since 2018 in sales of movable property other than vehicles; the requirement to pay in Turkish lira introduced on 19 April 2022 was abolished on 6 March 2025, so payment may also be made in foreign currency (Communiqué Art. 8(9)). Foreign currency is also allowed in leases of movable property other than vehicles (Art. 8(10)).

Can vehicles be bought, sold or leased in foreign currency?

Not between persons resident in Turkey. Vehicle sale and lease contracts are excluded from the freedom granted for movables, and Art. 8(19) does not list them (Communiqué Arts. 8(9), 8(10)). Financial leasing under Articles 17 and 17/A of Decree No. 32 (Art. 8(13)) and the exceptions for the public sector, TSKGV and EYDEP companies (Art. 8(15)), public projects (Art. 8(16)) and aviation (Art. 8(20)) remain available.

Can a software licence be priced in foreign currency?

Foreign currency is allowed in sale contracts for software produced abroad and in licence and service contracts for hardware and software produced abroad (Communiqué Art. 8(11)).

Is it prohibited to link a Turkish lira price to the exchange rate?

Yes, in contracts within the ban. Contracts indexed to precious metals or commodities priced in foreign currency on international markets, and contracts indirectly indexed to foreign currency, are treated as foreign-currency-indexed contracts; indexation to fuel prices is allowed in transport service contracts (Communiqué Art. 8(23)).

Can foreign currency be used in work and construction contracts?

In work contracts involving costs in foreign currency, the price may be set in foreign currency or indexed to foreign currency (Communiqué Art. 8(8)). This exception depends on the nature of the costs; being able to document foreign-currency costs such as imported materials or equipment is important.

Does the ban apply to a contract with the parent company abroad?

No. The ban covers only contracts between persons resident in Turkey (Decree No. 32, Art. 4(g)). If one party is non-resident, the price may be set in foreign currency; however, the branches abroad of Turkish companies and companies in which they hold 50% or more are treated as resident in Turkey unless the contract is performed abroad (Communiqué Art. 8(24)).

What is the fine for breaching the foreign-currency ban?

An administrative fine applies under Article 3(1) of Law No. 1567. The TRY 3,000–25,000 amounts written in the Law are revalued every year under Article 17(7) of the Misdemeanours Law and range from TRY 90,669 to TRY 756,426 for 2026. If the misdemeanour is committed for the benefit of a legal person, the legal person is also fined the same amount; the public prosecutor is the authority competent to impose the fine.

Is a contract written in foreign currency invalid?

Terms contrary to mandatory provisions are absolutely null and void under Article 27 of the Turkish Code of Obligations; in the case of partial invalidity, the rest of the contract as a rule remains valid. The 12th Civil Chamber of the Court of Cassation has stated that the regulation aims to protect economic public order and that this must be taken into account by the courts of their own motion (Docket No. 2022/6469, Decision No. 2022/9954).

What happens to foreign-currency contracts made before 2018?

Under Provisional Article 8 of Decree No. 32, prices in old contracts outside the exceptions must be re-determined in Turkish lira. If no agreement is reached, the price is converted into Turkish lira at the Central Bank’s indicative effective selling rate of 2 January 2018 and increased by the monthly CPI changes (Communiqué Arts. 8(28), 8(29)).

Has the foreign-currency ban been lifted after the Constitutional Court decision?

This cannot be said with certainty. The Constitutional Court annulled the old text of Article 1 of Law No. 1567, and the annulment took effect on 15 July 2026; however, the article had already been rewritten by Law No. 7555 (Official Gazette of 24 July 2025). As the effect of the annulment on Decree No. 32 and the Communiqué is disputed, it is safer to assume that the ban applies to new contracts.

Related guides

• Legal Guide for Foreign Investors in Turkey — company, stock exchange, mining, energy, real estate, tax and arbitration
• Can a Foreign Company Open a Branch in Turkey? — branches and liaison offices under Art. 8(19)
• Company Formation in Turkey for Foreigners — setting up the company that will use the exception
• Dividend Repatriation from Turkey for Foreign Shareholders — sending profits abroad
• Buying Property in Turkey as a Foreign Investor — own name or Turkish company
• Kira Bedelinin Döviz Cinsinden Belirlenmesi Yasağı — the ban in lease contracts (in Turkish)
• Yurt Dışına Para Transferi — Decree No. 32 Art. 4 and bank documents (in Turkish)
• Paying Royalties, Licence and Service Fees Abroad from Turkey — withholding and VAT on royalties and service fees; a contract with a non-resident licensor may be in foreign currency
• Can a Turkish Company Borrow from Abroad or from Its Foreign Shareholder? — loan agreements fall under Art. 17 rather than Art. 4(g): the FX income condition and USD 15 million threshold for FX loans
• Döviz Cinsinden Sözleşme Yasağı ve Yabancı Sermayeli Şirket İstisnası — Turkish version of this article