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Turkey to use lira in property purchases, sales, rents
68

Turkey to use lira in property purchases, sales, rents

President Recep Tayyip Erdoğan signed a decree early Sept. 13 that requires locals using the Turkish lira for buying, selling and renting of real estate and leasing of vehicles, in a fresh step to support the ailing local currency.

The decree was published in the Official Gazette.

Purchase, sales and rental contracts of moveable and immovable properties and vehicle leasing made in foreign currencies will be converted into lira within 30 days, according to the decree. It added that in the current contracts, the agreed prices in foreign currencies will be redefined as lira within one month and the terms of the decree will be executed by the Finance and Treasury Ministry.

The new decision on transactions also included contracts for business and services.
The contracts cannot be agreed in foreign currency or indexed to a foreign currency, according to the Official Gazette.

Source: Hurriyet Daily News

13.09.2018




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