Foreign Currency Loans

Foreign Currency Loan

Companies that generate foreign currency revenues, or those that fall within the exceptions defined in the Central Bank of Türkiye’s (CBRT) Capital Movements Circular, may utilize foreign currency–denominated loans.

Definition of Foreign Currency Revenue

Foreign currency revenue includes income obtained from exports, transit trade, export-equivalent sales and deliveries, as well as foreign-exchange–earning services and activities. It also covers any income recognized as foreign currency revenue by the Ministry of Treasury and Finance.

To qualify for an foreign currency loan, companies must certify their foreign currency revenues for the last three fiscal years to the bank through:

• A report prepared by a Certified Public Accountant (SMMM) or a Sworn-in Certified Public Accountant (YMM), and
• The Foreign Currency Revenues Declaration Form (Annex-2) attached to the Capital Movements Circular.

Use of Foreign Currency Loans with an Export Commitment

Companies eligible to obtain foreign currency loans—specifically goods exporters and firms engaged in foreign currency-earning activities that hold a Tax, Duty and Charge Exemption Certificate (VRHİB)—may utilize these loans under an export commitment.

Fulfillment of the export commitment is evidenced as follows:

• For goods exporters: Completion of the export transaction (certified via customs declaration),
• For foreign currency-earning activities: Fulfillment and closure of the VRHİB commitment (certifying that the activity was completed and the corresponding foreign proceeds were brought into Türkiye).In FX loans extended under an export commitment, the Banking and Insurance Transaction Tax (BSMV) and the Resource Utilization Support Fund (KKDF) are exempt.

Gold Loan

Gold loan may be used by companies operating in jewelry manufacturing or trading. It is exempt from the Resource Utilization Support Fund (KKDF)