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Friday, 14 September 2018 00:00

Turkish property sales and rental agreements must be in lira

Law on use of currency Law on use of currency

President Erdoğan issued a decree on 13th September 2018 stating that property sales and rental agreements must be conducted in Turkish lira and not in foreign currencies.  

The ruling also covers contracts for business and services, including car rental. Contracts cannot be agreed in foreign currency or indexed to a foreign currency.

The new law requires any contracts previously made in foreign currency to be converted into lira within 30 days.

In a speech in Ankara yesterday President Erdoğan said that nobody should carry out business in foreign currency apart from exporters and importers.

"Every business in this country needs to be priced, discussed and carried out with our own currency," he said.

In Kalkan quite apart from property sales and rentals, you can find many other goods and services priced in sterling so it will be interesting to see how quickly businesses respond to this new law.

You can find more details in these online news reports:

Reuters News

Hurriyet Daily News

BBC News

 

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Katie-Ellen

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