• It is the spirit and not the form of law that keeps justice alive.
    Earl Warren

CRUCIAL DEVELOPMENTS ON THE FOREX MEASURES

Presidential Decree No: 85 regarding the Amendment of the Decree No. 32 on the Protection of the Value of Turkish Currency entered into force today.

 

Pursuant to the amendments, save for the exceptions to be announced by the ministry, all payment obligations to be applied for the transactions regarding the movable/immovable property sales, all types of movable/immovable leases (including vehicle and financial leases), contract prices and other payment obligations of employment, service and work contracts, between those residing in Turkey, are now forbidden to be based on foreign currency.

 

The contracts that are executed before the entry into force of the Presidential Decree No: 85, the payment obligations of which are in foreign currency, are required to be adapted to Turkish Lira within thirty days as of the entry into force of the Presidential Decree No: 85 (i.e. 13.09.2018).

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#Banking and Finance Law
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