Circular 2026 – 049
Changes have been made to the Currency Conversion Support
With the “Communiqué Amending the Communiqué on Supporting the Conversion of Companies’ Foreign-Sourced Foreign Currencies into Turkish Lira (No: 2023/5) (No: 2026/11)” published in the Official Gazette dated August 1, 2026, and numbered 33327, the 3 percent foreign currency conversion support applied to companies converting their foreign-sourced foreign currencies into Turkish lira has been extended until January 31, 2027. In addition, regulations have been made regarding the foreign currency position condition, upper limits, review processes, and provisions regarding irregular usage. .
According to the amendment, the commitment not to purchase foreign currency, which was previously required to benefit from the support, has been removed; instead, a new practice based on foreign currency positions has been introduced. In the previous regulation, companies were required to commit not to purchase foreign currency for a period to be determined by the Central Bank in order to benefit from the foreign currency conversion support. Article 6, titled “Failure to fulfill the commitment not to purchase foreign currency,” has been repealed.
Under the new regulation, in order to benefit from the support, conditions have been introduced for the company to make a request and for the foreign exchange position ratio determined by the Central Bank not to be exceeded. Accordingly, the main criterion will now be the compliance of companies with the foreign exchange position ratio limit to be determined by the CBRT.
Article 6/A titled “Conducting examinations regarding support payment transactions’ has also been added to the communiqué.
The new regulation also explicitly stipulates that foreign exchange sold to the Central Bank by companies within the scope of the Communiqué shall not be returned under any circumstances. The calculated foreign exchange conversion support will be transferred by the Central Bank to the intermediary bank to be paid to the company.
Whether the foreign exchange originates from abroad will be determined by the intermediary bank, and the bank may request all necessary information and documents from the company.
Based on the evaluation of information and documents provided by companies or obtained from other sources, the Central Bank will be able to audit companies it deems suspicious or necessary.
The review may be conducted directly by the Central Bank or through the intermediary bank. Foreign exchange conversion support will not be paid to the companies under review until the end of the review period to be determined by the Central Bank.
The phrase “July 31, 2026” in the first paragraph of Transitional Article 1 of the Circular has been amended to “January 31, 2027” , thereby extending the application period for the foreign exchange conversion support at the %3 rate until January 31, 2027.
You can access the mentioned notification via the following link.
Sincerely
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