Foreign-currency accounts of a Turkish company: holding, mandatory sale and conversion rules

A company registered in Türkiye may keep its money in dollars or euros, but several rules decide when currency must be sold, what a conversion really costs and when the bank asks for documents. This guide sets out what Decree No. 32, the Central Bank’s Export Circular and Law No. 6802 require, and what a foreign-owned company should plan for. Status checked on 11 November 2026.

Can a company hold foreign currency freely

Decree No. 32 is liberal on this point. Under Article 4(b), persons resident in Türkiye may buy and sell foreign currency through banks, keep it in foreign-currency accounts and use it through banks at home and abroad. A company registered in Türkiye is a resident whoever its shareholders are. No permit is needed, and the Decree sets no cap on the balance.

• Hold USD, EUR and other currencies in deposit accounts (DTH).
• Accept currency from non-residents for business done in Türkiye (Article 4(c)).
• Send currency abroad through banks (Article 4(e)).

Freedom to hold currency does not remove the bank’s questions. For transfers abroad above USD 50,000 or its equivalent, other than import, export and invisible transactions, Article 4(e) makes banks report the details to the designated authorities within 30 days. Contracts between residents priced in foreign currency are a separate restriction, covered in our Decree 32 guide.

When selling foreign currency is mandatory

Holding currency creates no duty to convert it. Capital paid in from abroad, a shareholder loan or payment for a service may stay in the account, under the rules we read. The duty comes from goods exports: the proceeds must reach the intermediary bank within the period explained in our export proceeds guide, and part of them must then be sold.

Temporary Article 4 of the Central Bank’s Export Circular requires a share of the proceeds tied to an acceptance certificate (İBKB) or purchase document (DAB) to be sold to the bank, which passes it to the Central Bank and credits lira. The share is 35 percent until 31 January 2027, as extended on 1 August 2026.

• The percentage has changed several times; confirm it with the bank on the day.
• The unsold part may stay in currency or pay for imports.
• Ask the bank whether an exception in the Circular applies to your export.

How banks price a conversion: spread, tax, value date

Banks quote their own buying and selling rates; the Central Bank’s published rates are a reference, not a price the bank owes you. The real cost is the spread between the rate you receive and the market rate at that moment. It depends on amount, channel and tariff; larger sums can be priced individually.

We do not quote the BSMV rate: it is set by Presidential decision, has changed several times, and we could not confirm the current figure in a dated official text. The 2019 decision we read applies zero to currency a lending bank sells for repayment of a foreign-currency loan. Ask for the tax line on the receipt.

Buying currency for an import payment and moving it between banks

When a company buys currency to pay a supplier, purchase and transfer are usually one operation, and the bank asks for the trade documents behind it. Under Article 9 of Decree No. 32 import transfers are made by banks, and the Import Circular lets the importer pay from bank resources or from its own foreign-currency account.

• Proforma or commercial invoice, and the contract if there is one.
• Customs declaration date and number for open-account imports.
• Transport document and GTİP code.
• Supplier bank details matching the invoice.
• Payment form: advance, open account, cash against documents or letter of credit.

Moving your own currency between two Turkish banks is allowed, but it is not an instant lira-style transfer. It usually travels as a SWIFT message, so each bank’s fee, cut-off hour and value date apply, and the receiving bank may ask about the origin. Write “transfer between own accounts” in the description and keep the receipt.

Loans, books and dividends in a foreign-owned company

Articles 17 and 17/A of Decree No. 32 tie foreign-currency borrowing to foreign-currency income. A company without such income cannot borrow in currency from a Turkish bank or from abroad unless a listed exception applies, for example a credit balance of USD 15 million or more. Below that level, loans may not exceed the foreign-currency income of the last three financial years.

• Check foreign-currency income before asking for a currency loan.
• Expect exchange differences in the lira accounts.
• Plan dividend withholding before the transfer.

Holding dollars does not change the reporting currency. Statutory books and tax returns are kept in Turkish lira, and currency balances are revalued at period end, which creates exchange gains or losses; your accountant (SMMM) applies the rate rules. Dividends are approved from lira accounts but may be paid to a foreign shareholder in currency through the bank. To have your company’s case handled, contact us.

Sources

• ms.hmb.gov.tr — Ministry of Treasury and Finance: consolidated text of Decree No. 32, Articles 4, 9, 17 and 17/A (mevzuat.gov.tr blocks automated access, so the ministry copy was used)
• tcmb.gov.tr — Central Bank of Türkiye: Export Circular (İhracat Genelgesi), Temporary Article 4; extension to 31 January 2027 as reported on 1 August 2026 (Bloomberg HT, secondary source)
• alomaliye.com — consolidated copy of Presidential Decision No. 1106 of 14 May 2019 on BSMV rates under Article 33 of Law No. 6802 (mechanism and zero-rated cases; the current rate is not confirmed here)
• ms.hmb.gov.tr — Ministry of Treasury and Finance: Import Circular 2020/1 (sources of import payments, customs declaration reference)

Questions