10.02.2025/1
Exchange Rates to be Used for Year-End 2024 Valuations
According to Article 280 of the Tax Procedure Law No. 213, foreign currencies (cash on hand and foreign currency in bank accounts) are to be valued at the exchange rate of the stock market. If there is no market rate for the foreign currency, the valuation rate will be determined by the Ministry of Finance. This provision also applies to receivables and payables expressed in foreign currency, whether documented or not.
Based on this provision, the exchange rates to be used for valuation as of the end of 2024 have been determined by the Ministry of Treasury and Finance through the General Communiqué No. 580 of the Tax Procedure Law. Accordingly, the exchange rates listed in the first section of the table should be applied for valuing foreign currency in bank accounts, as well as foreign currency-denominated receivables and payables. For foreign currency banknotes held in cash, the exchange rates determined for effective buying should be applied.
Below are the exchange rates to be used for valuation of commonly used foreign currencies:
| Currency | (I) Exchange Buying Rate | (II) Effective Buying Rate |
|---|---|---|
| 1 US Dollar | 35.2233 | 35.1987 |
| 1 Australian Dollar | 21.9039 | 21.8032 |
| 1 Danish Krone | 4.9183 | 4.9149 |
| 1 Euro | 36.7429 | 36.7172 |
| 1 British Pound | 44.2458 | 44.2149 |
| 1 Swedish Krona | 3.1890 | 3.1867 |
| 1 Swiss Franc | 38.9510 | 38.8926 |
| 100 Japanese Yen | 22.2634 | 22.1810 |
| 1 Canadian Dollar | 24.4408 | 24.3503 |
| 1 Kuwaiti Dinar | 113.6753 | 111.9702 |
| 1 Norwegian Krone | 3.0937 | 3.0915 |
| 1 Saudi Arabian Riyal | 9.3804 | 9.3100 |
For other foreign currencies, the list attached to the Communiqué should be considered.
You can access the General Communiqué No. 580 and its annex here.
Best regards,
BİLGENER
