Turkey moves to ban foreign currency transactions for property sales and rental agreements

Author: Justin Low | Category: News

According to the country's Official Gazette

It says that moving forward property sales and rental agreements cannot be made in foreign currency, which means that they can only be done via the lira instead. In addition, those sales and agreements which involve foreign currencies must be converted into the lira within 30 days.

They're really trying to pull out all the stops in terms of unconventional methods to prop up the lira. Do be reminded that the Turkish central bank will be announcing its monetary policy decision later at 1100 GMT. In my view, it'll take a hike of more than 300 bps to at least provide some temporary relief for the lira. Otherwise, expect the bleeding to resume in due time.

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