Collecting a U.S. dollar invoice in Türkiye: currency conversion and interest

This guide is for U.S. and other foreign exporters whose Turkish customer has not paid an invoice issued in U.S. dollars (or another foreign currency). It explains how a dollar claim is stated in Turkish enforcement proceedings (icra takibi), which exchange rate date to choose, what interest applies, and what changed in Türkiye (Turkey) in 2026. Negotiable instruments and consumer transactions are outside its scope.

The rules below apply both to enforcement without a judgment and to the court action that follows if the debtor objects. For the objection stage, see our guide on the objection to a payment order.

Two decisions before you file#

Before filing a request for enforcement, the creditor makes two choices. Both go into the request and are hard to change later.

Can the claim be pursued in U.S. dollars?#

Under Article 58(3) of the Enforcement and Bankruptcy Law No. 2004 (İcra ve İflas Kanunu, "EBL"), the request for enforcement (takip talebi) states the claim's amount in Turkish lira and, for interest-bearing claims, the interest and its start date. If the claim is in a foreign currency, the request must state the date of the exchange rate on which it is claimed, and the interest.

The substantive rule is Article 99 of the Turkish Code of Obligations No. 6098 ("TCO"). A money debt is paid in the national currency (TCO Art. 99(1)). If payment in a foreign currency was agreed and the contract does not require payment in kind ("effective payment" in that currency), the debtor may also pay in lira at the rate on the payment date (TCO Art. 99(2)). If the debt is not paid when due, the creditor may demand payment in the foreign currency, or in lira at the rate on the due date or on the date of actual payment (TCO Art. 99(3)).

The creditor's choice: payment-date rate or due-date rate#

For a U.S. exporter, the payment-date rate is usually the natural choice. It preserves the dollar amount while the matter is pending and avoids a separate claim for exchange losses. The due-date rate converts the claim into lira as of the due date; interest then follows the rules for lira debts.

Turkish practice refers to the exchange rates published by the Central Bank of the Republic of Türkiye (CBRT). Stating the rate type expressly (foreign exchange selling rate or effective selling rate) reduces arguments at the collection stage.

Interest on foreign currency claims#

Start with the contract. In commercial transactions the interest rate can be agreed freely (Article 8(1) of the Turkish Commercial Code No. 6102 ("TCC")). If the invoice terms, order confirmation or framework agreement set a default interest rate that is higher than the statutory one, that rate applies.

If no higher contractual or default rate was agreed, Article 4/a of Law No. 3095 on Statutory and Default Interest applies: the interest on a foreign currency debt is the highest rate that state banks pay on one-year deposit accounts opened in that currency. Compound interest cannot be charged on statutory or default interest, subject to the TCC (Law No. 3095 Art. 3).

How the rate is determined and proven#

The Court of Cassation's Assembly of Civil Chambers held that "pays" in Article 4/a means the highest rate state banks actually applied, and that the rate must be established by asking the head offices of the state banks concerned (Court of Cassation, Assembly of Civil Chambers, E. 2017/1675, K. 2021/528, April 27, 2021). The majority did not accept calculations based only on lists published on the CBRT website.

In practice, if the debtor disputes the rate, the court writes to the state banks and waits for their answers. Accrued interest is stated as an amount in the request for enforcement (EBL Art. 58(3)); for interest after the filing, practice often refers to "Law No. 3095 Art. 4/a" rather than a fixed figure.

The 2025 Constitutional Court decision and the 2026 amendment#

In 2025 the Constitutional Court annulled Article 1 of Law No. 3095, the statutory interest rule, as applied to non-contractual obligations, and deferred the effect of the annulment for nine months (Constitutional Court, E. 2024/24, K. 2025/164, July 22, 2025). Before the deadline, Law No. 7589 (Official Gazette No. 33326, July 31, 2026) rewrote Article 1.

What changed and for which debts#

Under the new Article 1, statutory interest is 80% of the CBRT's short-term rediscount rate on December 31 of the previous year. If that rate on June 30 differs by five points or more, 80% of the June 30 rate applies for the second half of the year. This rule governs lira debts where interest is due under the TCO or TCC and no rate was agreed.

What it means for foreign currency claims#

Article 4/a, which governs interest on foreign currency debts, was not amended. A U.S. exporter that keeps its claim in dollars is not affected by the reform. If the claim is converted into lira at the due-date rate, the lira rules in Articles 1 and 2 of Law No. 3095 become relevant; Article 2(2) allows the CBRT advance rate as default interest in commercial transactions where it is higher.

Partial payments: interest and costs first#

A debtor may apply a partial payment to principal only if it is not in delay with interest or costs (TCO Art. 100(1)). For a debtor in default, partial payments are in practice allocated to accrued interest and costs first, then to principal.

The claim calculation should list each payment's date and the item it was applied to. For payments made in lira on a dollar claim, converting each payment at the rate on its date keeps the account consistent.

If the debtor objects#

The debtor may object to the payment order (ödeme emri) within 7 days of service (EBL Art. 62). A debtor objecting only to part of the claim, for example only to the interest rate, must state the part and amount clearly; otherwise the objection is treated as not made.

After an objection, the creditor may bring an action for annulment of objection (itirazın iptali davası) within one year of being served with the objection (EBL Art. 67(1)). For commercial claims, mandatory mediation is a precondition to that action (TCC Art. 5/A). If the rate is disputed, the court determines it as described above.

Currency rules between Turkish residents, and why export sales differ#

Decree No. 32 on the Protection of the Value of the Turkish Currency, Art. 4/g, prohibits persons resident in Türkiye from agreeing prices in foreign currency, or indexed to foreign currency, in certain contracts among themselves (sales of movables and real estate, leases, and service, work and construction contracts), except where the Ministry allows it. The restriction concerns contracts in which both parties are Turkish residents.

A sale by a U.S. exporter to a Turkish buyer is not a contract between two Turkish residents and is outside that restriction. If your Turkish distributor or subsidiary resells in Türkiye, its own contracts with local customers may need separate review.

If the debtor enters concordat#

If the debtor files for concordat, enforcement stops and the claim is filed with the commissioner. Under a 2025 ruling of the Court of Cassation's Assembly of Civil Chambers, a foreign currency claim is converted into lira at the CBRT selling rate on the last day of the 15-day claim filing period (EBL Art. 299; E. 2025/372, K. 2025/725, November 19, 2025). See when a Turkish customer files for concordat.

Worked example (formula only)#

Hypothetical example, no real figures:

1. Principal: the unpaid invoice amount in USD, less any partial payments allocated to principal.
2. Accrued interest to the filing date: principal multiplied by the Art. 4/a rate for each period, multiplied by the days in that period divided by 365.
3. Partial payments: each one converted at the rate on its date and applied first to accrued interest and costs.
4. Request: the USD principal and accrued interest, payable in lira at the rate on the date of actual payment, with Art. 4/a interest running from the filing date until payment.

Bottom line#

Two lines in the request for enforcement decide most of the outcome on a dollar invoice: the exchange rate date and the interest basis. The payment-date rate protects the claim's dollar value, and absent a higher agreed rate Law No. 3095 Art. 4/a governs interest. Law No. 7589 did not change that rule. Itemizing payments and claim components makes the calculation easier to defend if the debtor objects.

Frequently asked questions

Law stated as at: October 11, 2026. Leyla Başkaya Şentürk is a lawyer (avukat) admitted to the Istanbul Bar Association, Türkiye (Reg. No. 67063). She advises on Turkish law only, is not admitted to practise law in any U.S. jurisdiction and does not advise on U.S. law. Content on this website is general information, not legal advice, and no outcome is promised. Using this website or submitting the contact form does not create an attorney-client relationship.