Turkey prohibits purchases of property, sales and rentals in currency

Turkey prohibits purchases of property, sales and rentals in currency
September 13, 2018, 05:50
Ankara, Sep 13 (Prensa Latina) Citizens and foreign residents in Turkey will not be able to use foreign currency in contracts for the purchase, sale and rental of movable and immovable property and vehicle leasing, according to a presidential decree announced today.

The new standard, published in the Official Gazette, will come into force within 30 days and will oblige the parties to redefine the value in Turkish lira of all contracts in force agreed in foreign currency, according to the terms included in the decree.

For his part, the president, Recep Tayyip Erdogan, pledged today to take new measures to control the exchange rates of foreign currency, while stressing the independence of the Central Bank of Turkey.

On August 29, the Minister of Economy and Finance, Berat Albayrak, announced that the government would adopt provisions to prevent the use of foreign currencies for rental and sales of real estate in shopping centers.

tgj / acm / cvl

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