The change matters to firms that earn export revenue but also need foreign currency for imported inputs. Access to the support will hinge on their liquid FX holdings and the value added they generate.
Turkey’s central bank will change access to its FX conversion support scheme on October 1. Companies converting export earnings into lira will no longer have to pledge not to buy foreign currency for a month. Instead, eligibility will depend on their liquid FX holdings: a calculated position ratio must not exceed 10%.
CBRT specialists set out the details of the regulation published in August in a September 28 post on the central bank’s blog. The change is intended to bring in producers that had stayed out because of the purchase restriction. The temporary support rate of 3% remains in place until January 31, 2027.
A balance-sheet test replaces the one-month pledge
The new ratio divides liquid FX assets by the higher of a firm’s net sales revenue or total assets. The 10% threshold therefore is not calculated against export revenue alone. Firms must document to the intermediary bank that their position is within the limit.
For example, a hypothetical firm with net sales of TRY 100 million and total assets of TRY 150 million would use TRY 150 million as the denominator. Liquid FX holdings worth TRY 15 million would give a ratio of 10%. Meeting that test does not establish eligibility independently of the other conditions.
Existing pledges do not simply disappear. The transitional provision in Communiqué No. 2026/11, published on August 1, keeps the previous rules applicable to breaches of FX purchase pledges made before the new framework takes effect on October 1.
Support capped at TRY 25 million for the final quarter
The amount of export proceeds that can be converted under the scheme will also be limited. The annual allowance is tied to value added, calculated as operating profit plus 12 months of labor costs. Negative operating profit is treated as zero; labor costs include wages and premium payments.
The limits described by the CBRT specialists distinguish the amount of FX eligible for conversion from the lira support a firm can receive. During the first implementation period, October–December 2026, one-quarter of each annual limit will apply:
| What is limited | Annual basis | October–December 2026 |
|---|---|---|
| FX sales eligible for support | Calculated value added | One-quarter of value added |
| Lira support payable | Up to TRY 100 million | Up to TRY 25 million |
The TRY 25 million figure is not a payment promised to every firm. It is one-quarter of the annual TRY 100 million ceiling; actual support depends on eligible conversions and the scheme’s conditions.
Suppliers can receive the payment directly
For manufacturers that do not export in their own name, a central change is the ability to receive support directly into their accounts. Once an intermediary exporter has used its own value-added limit, it can convert FX on behalf of a supplier. The CBRT specialists describe the payment route in these terms:
“the FX conversion support will be directly transferred to the supplier's account.”
The same procedure can apply to FX-earning services, including transactions between agencies and tourism facilities. Around 44,000 firms have received support since the program began in January 2023. In 2026, beneficiaries accounted for 34% of all exporting firms.
The authors expect the framework to favor firms that convert a larger share of export earnings into lira and make a more lasting contribution to reserves. The outcome to watch in forex news is whether participation and net FX sales increase; the expected reserve benefit has not been reported as an achieved result.
