Circular 2026 – 020
As of 31.12.2025, the exchange rates to be used in the valuation of foreign currencies were announced
The exchange rates to be considered in the valuation of foreign currencies not traded on the stock exchange and receivables and payables with and without collateral denominated in these currencies as of December 31, 2025, have been announced with the General Communiqué of the Tax Procedure Law numbered 590, published in the Official Gazette dated January 24, 2026, and numbered 33147.
In cases where the Ministry of Finance does not announce an exchange rate, the exchange rates announced by the Central Bank of the Republic of Turkey shall be taken as a basis. In valuations made in this manner, for foreign currencies in cash, the cash buying rate (or the foreign currency buying rate if the cash buying rate is unavailable) shall be applied, and for foreign currencies in foreign currency, the foreign currency buying rate shall be applied.
However, for tax purposes, during their valuation on 12/31/2025, banks should use the purchase exchange rates they have determined and are actually applying in accordance with the principles set by the Central Bank of the Republic of Turkey, instead of the exchange rates determined by this Communiqué.
You can access the exchange rates announced in the communiqué at the following link. The purchase exchange rates for the Dollar, Euro, and Sterling determined by the communiqué are as follows.
1 US Dollar: 42.8623 TRY (rank 1)
1 Euro: 50.4532 TL (List item 98)
1 British Pound: 57.8159 TL (list 39th)
https://www.resmigazete.gov.tr/eskiler/2026/01/20260124-4.htm
Sincerely
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