Turkey .. Law cancels rent contracts in dollars and foreign currencies

Turkey .. Law cancels rent contracts in dollars and foreign currencies

Turkey .. Law cancels rent contracts in dollars and foreign currencies
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Turkish President Recep Tayyip Erdoğan signed a decision on Wednesday to transfer all rental contracts and agreements signed in foreign currencies to the Turkish lira within 30 days. All future contracts and agreements will be in Turkish lira only.

The decision, which was awaited by the owners of the shops, was published by Prime Minister Recep Tayyip Erdoğan in the official gazette as part of the government's plan to protect the value of the Turkish lira after the series of recent collapse against foreign currencies.

According to the decision, the Turkish lira will be used for leases, buying and selling, instead of foreign currencies. Old contracts in foreign currency will be amended to Turkish lira within 30 days from the date of issue.

Foreigners and exceptional cases specified by the Ministry are excluded from this decision.

The Turkish Minister of Finance and Treasury, Albirek, announced that the sale and rental of real estate, housing units, shops and houses in foreign currencies will be completely eliminated.

A number of tenants in supermarkets have complained of paying rent in dollars, while the Turkish lira has lost about 40 percent of its value since the beginning of the year and said they could face the risk of closing shops if the situation continues.



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