The ratio of export proceeds to be sold to the Central Bank has been changed from a minimum of 30% to a minimum of 25%.
The ratio of export proceeds to be sold to the Central Bank has been changed from a minimum of 30% to a minimum of 25%.
The following has been added to the section entitled “Sale of Export Proceeds to the Central Bank”:
“ADDITIONAL ARTICLE 3 – (1) From the date this article enters into force, at least 25% of export proceeds converted into an export proceeds acceptance document or a foreign exchange purchase document shall be sold to the bank issuing that document. These amounts shall be sold by the bank 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 transferred to the Central Bank’s account with the bank. The full equivalent of that amount shall be paid by the bank to the exporter in Turkish currency. Additional Article 2 is repealed from the date this article enters into force.”
This provision was made by the Central Bank of the Republic of Türkiye further to letter No. 3815300 of the Ministry of Treasury and Finance dated 28 February 2025. The article entered into force on 3 March 2025.
As will be recalled, the ratio had been applied at a minimum of 30% since 10 June 2024. Under the new provision, at least 25% of export proceeds must be sold to the Central Bank from 3 March 2025.