Circulatory 2026 – 054
New Procedures and Principles Determined by the Exchange Rate Conversion Support Implementation Instruction
The Central Bank of the Republic of Turkey has published the “Implementation Instructions regarding the Communiqué on the Support for the Conversion of Foreign Currency of Companies to the Turkish Lira” on October 1, 2026, and has determined the procedures and principles regarding the changes made in the “Communique on the Support for the Conversion of Foreign Currency of Companies to the Turkish Lira (No: 2023/5)’ (Amended Communique).
With the said Application Instruction, detailed explanations have been provided regarding the exchange rate ratio stipulated in the Communiqué, the firm sales limits, the obligations of the intermediary bank, the transitional period (short-term) practices, and the administrative and financial sanctions related to improper use.
The salient regulations are summarized below:
• Eski uygulamada yer alan döviz alımı yapmama taahhüdü tamamen kaldırılmıştır. Yeni dönemde temel kriter Döviz Pozisyonu Oranı olmuştur. Döviz pozisyonu oranı %10’u aşan firmalar döviz dönüşüm desteğinden yararlanamayacaktır. (30 Eylül 2026 tarihi ve öncesi destekten yararlanan ve firmalarca verilen döviz almama taahhütlerinin usulüne göre yerine getirilmesi gerekecektir.)
• Exchange rate ratio Appendix C: According to the Exchange Rate Notification Form in Part C, the ratio will be calculated as follows:
Foreign Exchange Position Ratio = Total Available Foreign Assets / max (Net Sales Revenue, Total Assets)
• Companies seeking to benefit from the support are required to submit the Certified Foreign Exchange Position Notification Form to the intermediary bank. This form will be valid for 15 days from the date it is issued.
• In order to benefit from the support, the following time and document requirements must be met when selling foreign currencies to the Central Bank:
– For Export Charges: It is required to be attached to the Export Charge Acceptance Certificate (IBKB) issued within the “Time for bringing/notification of charges” or “Intimation period” or “Additional period” and the Customs Declaration must be submitted.
– For Foreign Exchange-Generating Service Revenues, it is required that the invoice be sold within 180 days from the final billing date and that the invoice be submitted.
– In sales made by companies operating in the free zone to foreign countries, the relevant foreign exchange must be sold to the Central Bank within 180 days from the date the relevant administration approves that they have departed the free zone to be sent abroad in accordance with the Free Zone Transaction Form.
• Companies that mediate foreign exchange-earning services will be able to benefit from the foreign exchange conversion support by selling the foreign exchange they earn from the brokerage services they provide.
• In export transactions carried out under the Intra-Processing Regime, the amount calculated by deducting the amount of import free of charge from the account of the foreign exchange conversion support based on the amount of foreign exchange sales shall be taken as the basis. If the amount of import free of charge is equal to or greater than the export price, no support will be paid.
• Export and Foreign Exchange Generating Services Re-Discount Credit Application Instructions and according to the third paragraph of the Re-Discount Financing Application Instructions, no foreign exchange conversion support will be provided to the companies that use the credit during the loan term.
• The maximum amount of foreign exchange conversion support that a company can benefit from within the limit usage period (calendar year) has been set at 100,000,000 TL.
• The total amount of foreign currency that companies can sell during the year is limited by the Company Sales Limit calculated by the Central Bank based on the companies’ profitability (operating profit) and 12-month labor costs. These limits will be updated twice a year (January and July).
• Specifically for the transition period between October 1, 2026 and December 31, 2026; both the Company Sales Limit and the maximum support amount eligible will be applied by multiplying it by the coefficient of 0.25.
• In this context, the maximum foreign exchange conversion support amount that companies can benefit from in the last quarter of 2026 will be 25,000,000 TL.
• Foreign exchange sales made by companies before October 1, 2026, and the amounts of support they received will not be taken into account in the limit calculation for this period.
• The determination and verification that the currency originates from abroad will be carried out by the intermediary banks. The banks may request from the companies any information and documents they deem necessary.
• Banks will be able to charge commissions of up to %1% on the amount of foreign exchange conversion support paid to companies.
• In export transactions carried out under the Intra-Processing Regime, the amount calculated by deducting the amount of import free of charge from the account of the foreign exchange conversion support based on the amount of foreign exchange sales shall be taken as the basis. If the amount of import free of charge is equal to or greater than the export price, no support will be paid.
• Transactions that are deemed suspicious by the TCMB or intermediary banks may be investigated, and no support payment will be made until the investigation is completed.
• Where firms are found to have taken advantage of foreign exchange conversion support by submitting information and documents that are irregular, contrary to the purpose, or untrue, requests for foreign exchange conversion support made by firms, and credit applications and utilization requests from Central Bank-sourced funds, they will not be accepted for the first determination for 1 year, and for subsequent determinations for 3 years. A criminal complaint will be filed against the relevant individuals. Exception for Amounts Less Than 100,000 TL: In cases where the total amount of support received in an irregular manner does not exceed 100,000 TL, no time limits of 1 or 3 years will be applied provided that the amount is paid.
Application Instructions October 1, 2026 It has entered into force on the date specified below and can be accessed from the following link.
Sincerely
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