The Obligation to Cash 25% of the Export Price to the Bank Raised to 40%
The obligation to sell at least 25% of the export proceeds to the IBKB or the DAB to the bank issuing the IBKB or DAB has been increased from 25% to 40% as of 18.04.2022 .
On the other hand, it is possible to accept export prices in Turkish Lira, even if they are declared in foreign currency for export transactions to Ukraine and Russia.
Pursuant to the Additional Article 1 regulation, which was added to the CBRT Export Circular with the instruction of the TR Ministry of Treasury and Finance dated 31.12.2021 and entered into force as of 03.02.2022; It was obligatory to sell at least 25% of the export prices attached to the Export Value Acceptance Certificate (IBKB) or the Foreign Exchange Purchase Certificate (DAB) to the bank that issued the IBKB or DAB.
With the instruction of the TR Ministry of Treasury and Finance dated 15.04.2022, it is obligatory to sell at least 40% of the export proceeds to the IBKB or the bank that issued the DAB as of 18.04.2022.
These amounts will be sold to the Central Bank on the same day at the foreign exchange buying rate announced by the Central Bank and valid for the transaction day, and will be transferred to the Central Bank's bank account. The full amount of the said amount will be paid by the bank to the exporter in Turkish currency.
On the other hand, it is possible to accept export prices in Turkish Lira, even if they are declared in foreign currency for export transactions to Ukraine and Russia.
CBRT Export Circular, Decision No. 32 on Protecting the Value of Turkish Currency, which was put into effect with the Council of Ministers Decision dated 7/8/1989 and numbered 89/14391, and Decision No. 32 on Protecting the Value of Turkish Currency published in the Official Gazette dated 4/9/2018 and numbered 30525. It was issued based on the first paragraph of Article 12 of the Communiqué (About Export Fees) (Communiqué No: 2018- 32/48).