​Turkey to use lira in property purchases, sales, rents

2018-09-14 10:03

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Turkish government ruled on Thursday to use lira in property sales, rental contracts and leasing transactions in a bid to strengthen the tender local currency.

According to a decree signed by Turkish President Recep Tayyip Erdogan, any contracts of moveable and immovable properties as well as vehicle leasing previously made in foreign currency must be converted into lira within 30 days.

The agreed prices in foreign currencies in the current contracts will be redefined as lira within one month, it said.

On Thursday, President Erdogan said Turkey will take further action to prevent fluctuation in foreign exchange rates.

Turkey is struggling against all issues affecting the country's economy without getting outside the boundaries of free market system, he added.

The lira has lost some 40 percent of its value against the U.S. dollar since the beginning of this year. Last year, the average USD/TRY rate was 3.65 while one dollar traded for 3.02 lira on average in 2016.
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