10.02.2024/13
End of 2023 Exchange Rates to be Based on Exchange Rate Valuations
Article 280 of the Tax Procedure Law No. 213 (TPL) stipulates that foreign currencies (foreign currencies in cash and bank accounts) shall be valued at the exchange rate, if the foreign currency has no exchange rate, the exchange rate to be taken as basis for valuation shall be determined by the Ministry of Finance and this provision is also valid for receivables and payables with or without promissory notes expressed in foreign currency.
Pursuant to this provision, the exchange rates to be taken as basis for valuation as of the end of 2023 have been determined by the Ministry of Treasury and Finance with the TPL General Communiqué No. 559. Accordingly, the exchange rates in the first section of the list will be applied in the valuation of foreign currencies in bank accounts and receivables and payables in foreign currency. For foreign currencies in the form of banknotes in the safe deposit box, the exchange rates determined for banknotes should be applied.
The exchange rates to be used in valuation for frequently used foreign currencies are given below:
| CURRENCY TYPE | (I) FOREIGN EXCHANGE BUYING | (II) CASH BUYING |
| 1 US Dollar | 29.4382 | 29.4176 |
| 1 Australian Dollar | 20.0213 | 19.9292 |
| 1 Danish Krone | 4.3634 | 4.3604 |
| 1 Euro | 32.5739 | 32.5511 |
| 1 British Pound | 37.4417 | 37.4155 |
| 1 Swedish Krona | 2.9299 | 2.9279 |
| 1 Swiss Franc | 34.9666 | 34.9141 |
| 100 Japanese Yen | 20.7467 | 20.6700 |
| 1 Canadian Dollar | 22.1962 | 22.1140 |
| 1 Kuwaiti Dinar | 95.2683 | 93.8392 |
| 1 Norwegian Krone | 2.8859 | 2.8839 |
| 1 Saudi Riyal | 7.8501 | 7.7913 |
For other currencies, the list attached to the Press release should be taken into consideration.
You can access the TPL General Press release No. 559 and its annex here.
Sincerely,
BİLGENER
