08.06.2024/29
Rate on the Obligation to Sell Export Proceeds to the Central Bank Reduced to 30%
Pursuant to the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (Communiqué No: 2018-32/48), it is obligatory to transfer or bring the amounts related to export transactions realized by Turkish residents to the export intermediary bank within 180 days from the date of actual export, except for the exceptions specified in the Communiqué.
The procedures and principles regarding this practice are included in the Export Circular dated 16/01/2020 issued by the Central Bank of the Republic of Turkey.
With the Additional Article 1 added to the aforementioned Circular, the obligation to sell 40% of the export proceeds linked to the Export Price Acceptance Certificate (EPC) or Foreign Exchange Purchase Certificate (FX Purchase Certificate) to the Central Bank through the bank issuing the relevant document was introduced. (15.04.2022/25 Circular No.).
With the Additional Article 2 added to the Export Circular upon the letter of the Ministry of Treasury and Finance dated 07.06.2024 and numbered 3187388 as of 10.06.2024, the effective date of the article The obligation to sell to the Central Bank the export proceeds linked to the IBKB or DAB was reduced to 30%.
On the other hand, according to the Export Circular and the Communiqué on Decree No. 32 (Communiqué No: 2018-32/48), exports of services, micro-exports and transit trade are excluded from this application. Therefore, it is not possible to issue IDRs and sell to the CBRT for these amounts.
In addition, FX obtained from exports to the countries listed in Annex (2) of the Export Circular do not require the issuance of an IDR and therefore do not require sales to the CBRT. For exports to the countries listed in Annex 3, 50% of the consideration is free to be saved.
You can access the Export Circular here.
BİLGENER
