Turkey bans use of foreign currency in property market

Turkey bans use of foreign currency in property market
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In Turkey,President Recep Tayyip Erdogan has ordered by decree that property agreements must be made in Turkish lira.

According to decree, purchase, sales and rental contracts of moveable and immovable properties and vehicle leasing made in foreign currencies will be converted into Turkish lira within 30 days.

The move comes after the lira's drastic fall in value against the US dollar last month.

 

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