News 14 september — 11:49

Turkey bans use of foreign currency in property market


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, BBC reports.

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, which was published in the government's official gazette, said all current agreements in the property sector made in foreign currencies must be changed within 30 days.

Rental and sale agreements in Turkey are often offered in euros and dollars to foreigners living in the country.

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