Turkey bans foreign currency for real estate leases, sales

To strengthen lira, old contracts to be converted

13 September, 11:56

    (ANSAmed) - ISTANBUL, SEPTEMBER 13 - Turkey's Official Gazette announced Thursday morning that Turkey is banning foreign currency transactions for property sales and rental agreements in the country.

    All contracts must thus henceforth be stipulated in lira. The decree was signed over the night by President Recep Tayyip Erdogan, with the aim of discouraging the use of foreign currency and strengthening the national one, which has lost about 40% of its value against the dollar this year. On the basis of the new regulations, existing contracts currently in foreign currencies will have to be converted to the lira within 30 days. The decision also concerns vehicle leasing. (ANSAmed).

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