Protection of the Value of Turkish Lira.

Protection of the Value of Turkish Lira.

Protection of the Value of Turkish Lira. 1000 1000 l2bpartners

The Turkish President has issued Decree No. 85 amending Decree No. 32.

The Presidential Decree prohibits payments made in a foreign currency where both parties to the relevant contract are resident in Turkey. The Decree also appears to require Turkish parties in existing contractual relationships to re-designate payments in any foreign currency to the Turkish Lira. Although the Decree specifies that there may be exceptions to these requirements, no clarifications have yet been issued.

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