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Turkey bans use of foreign currency in property market

Turkey bans use of foreign currency in property market

13.09.2018

Turkey is banning the use of foreign currencies in the country's property market as it looks to stem the dramatic fall of its own currency, the lira. President Recep Tayyip Erdogan issued a decree on Thursday announcing that contracts for sales, rent and leasing must in future be made in lira. Mr Erdogan has previously urged Turks to sell their dollars and euros. The move came as Turkey's central bank increased interest rates sharply in an attempt to curb the tumbling lira. The currency has lost almost a third of its value against the dollar since January. Thursday's decree, ...
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