On the Sale of 40% of Export Prices to the Central Bank
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 25% 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.
With the amendment made in the Export Circular as of 15/04/2022, this rate was increased to 40%. The effective date of the application is 18/04/2022.
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 an IDR for these amounts and make sales to the CBRT.
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.
You can access the Export Circular here.
You can also access our circular dated 21.01.2022 and numbered 2 here.
Sincerely,
BİLGENER
