Turkish Economy

Turkey has announced exciting news for 2025's Ramadan Bayram celebration - a generous 9-day holiday period running from March 29 to April 6. This extended break combines the traditional three-day Eid celebration with additional administrative leave days, creating a longer vacation for public sector employees, bank staff, and many others. The holiday will begin on Saturday, March 29, with the official Bayram celebrations running from Sunday through Tuesday (March 30 - April 1). The government has added three extra administrative leave days from Wednesday to Friday (April 2-4), and with the following weekend included, it creates a full 9-day break. During this time, government offices and banks will be closed, so it's important to handle any essential business before March 28. While public institutions will be closed, many private businesses, especially in retail and tourism, may remain open to serve holiday visitors. This extended holiday is perfect for traditional Bayram activi...

  As of November 30, 2024, Turkey’s Revenue Administration enforces updated cash transaction rules under Tax Procedure Law General Communiqué No. 575 (Official Gazette No. 32738). These regulations, effective now, set a 30,000 TRY threshold for cash payments and collections, impacting businesses and international transactions. Here’s what you need to know today. Current Rules Threshold: Payments or collections over 30,000 TRY must go through banks, electronic payment platforms (e.g., PayTR, iyzico), or postal services—no cash allowed. Same-Day Totals: Multiple transactions with one entity exceeding 30,000 TRY in a day require financial institution documentation for amounts above the limit. Penalties: Non-compliance triggers fines up to 5% of the transaction value per party (buyer and seller), per Turkey’s Tax Procedure Law Art. 355, with a minimum fine of 2,500 TRY in 2025 (adjusted for inflation—source: Deloitte Turkey Tax Updates, Jan 2025). Foreigners and Non-Residents ...

The Turkish Ministry of Treasury and Finance has announced a significant policy change effective March 6, 2025, eliminating mandatory Turkish Lira (TRY) requirements for business contracts. This reform represents a substantial shift in Turkey's approach to currency regulations and creates new opportunities for both international investors and domestic businesses. Key Policy Changes The new regulation removes the previous requirement to denominate and settle contracts exclusively in Turkish Lira. Businesses can now conduct transactions in foreign currencies or index contracts to foreign currency values, providing greater flexibility in international trade and commercial agreements. Strategic Implications This policy shift addresses several key business challenges: Reduced Exchange Rate Risk: Companies can now better manage currency exposure Enhanced Price Stability: Decreased need for risk premiums in pricing strategies Improved Competitive Position: More predictable cost structures...