Protecting the Value of Turkish Currency

A new law which was put into force on 4.09.2018 states that:

1)All payments due for exports from turkey must be paid into a Turkish bank account as nominated by exporter, within a strict maximum of 180 days from the invoice date.

2)If the payment is made in foreign currency, the exporter must immediately convert into TL a minimum of %80 of the received payment

3)That nominated bank is responsible for monitoring all invoiced payments due to the exporter.

4)Nominated banks must inform tax authorities with in 5 days of any due payment not made any late payment

5)This law will be in force for a period of 6 months.

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