ERDEM-NEWSLETTER-2018-metin

250 NEWSLETTER 2018 Foreign Currency Payment Ban* Att. Ecem Cetinyilmaz Introduction The following paragraph (g) has been added to Article 4 of De- cree No. 32 on the Protection of the Value of the Turkish Currency (“Decree”) by President’s Resolution No. 85, published in the Official Gazette dated 13 September 2018, and numbered 30534: “Turkish residents, except for certain cases determined by the Ministry, cannot determine a contract price and other payment obligations arising from the contract to be in foreign currency, or in a manner indexed to a for - eign currency, in contracts for the sale and purchase of movable and immovable properties , all kinds of movable and immovable property lease contracts , including vehicle and financial leases, leasing con - tracts , employment contracts, contracts of service, and independent contractor contracts.” The following Provisional Article 8 has also been added to the same Decree: “Within thirty days from the effective date of Article 4/ (g) of this Decree, the amounts stated in the said Article, and deter - mined in foreign currency in previously executed contracts, shall be re-determined by the parties to be in Turkish currency, except in cases determined by the Ministry.” These amendments entered into force on 13 September 2018, the date of publication of President’s Resolution No. 85. The Communi- qué (Communiqué No. 2018-32/51) regarding the Amendment of the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (Communiqué No. 2008-32/34) (“Communiqué”) published by the Ministry of Treasury and Finance (“Ministry”) in the Official Gazette dated 6 October 2018 and numbered 30557 clarified * Article of September 2018