Turkey Rolls Back Some Restrictions on Foreign Currency Use

      Published on Sunday, 18 November , 2018      99 Views     
Turkey Rolls Back Some Restrictions on Foreign Currency Use

  • World News

Turkey has rolled back some restrictions on the use of foreign currencies that were brought in at the height of an economic crisis this year, according to a decree published on Friday, loosening the rules after pressure from the hotel industry.



In September the government ruled that property sales, rental contracts and leases should all be made in lira, a move President Tayyip Erdogan said would support the currency.

Foreign currency had been widely used for rental deals in shopping malls and also used in real estate sales contracts.

After plunging to a record low of 7.24 percent against the dollar in August, the lira has been able to mount a quiet recovery.

Still, it remains some 30 percent weaker against the dollar this year, and economists remain concerned about the continued impact on the economy, Reuters reported.

Under the new regulations published in the government’s Official Gazette on Friday, foreign residents will be able to make real estate contracts in foreign currencies.

Foreign currencies will also be allowed for rental agreements for tourist accommodation facilities and in duty-free zone stores.

According to Reuters, the Hotel Association of Turkey had made efforts to keep the sector’s ability to do deals in foreign currency and contacted the tourism ministry regarding the issue, its head, Timur Bayindir, said in a recent speech.

It was not immediately clear how much of the sector’s facilities are contracted in foreign currencies.



Last month the government announced other exemptions to the ban on using foreign currencies in business agreements, including export-related contracts, capital market instruments and employment contracts involving foreigners.

Keywords:
Category World News | 2018/11/18 latest update at 1:00 AM
Source : AAWSAT | Photocredit : Google
100 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources
Saudi Arabia Saudi Arabia news

Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources

Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the…

Saudi Arabia new rules

Property prices continue to fall in key UAE markets

UAE banks invest Dh87 billion in Saudi Arabia, Egypt

King Salman receives dignitaries in Riyadh King

King Salman receives dignitaries in Riyadh

The Kingdom’s Grand Mufti Sheikh Abdul Aziz Al-Asheikh, senior scholars, ministers and a group of citizens called on…

Saudi King Salman reshapes country’s political and security affairs council King

Saudi King Salman reshapes country’s political and security affairs council

Saudi King Salman on Thursday announced a new list of appointees to key positions in the country’s political…

Saudi Arabia’s Prince Talal bin Abdulaziz has died King

Saudi Arabia’s Prince Talal bin Abdulaziz has died

Saudi Arabia’s Prince Talal bin Abdulaziz passed away on Saturday, family members and Saudi media said on Twitter.…

Bahraini crown prince meets Saudi officials in Riyadh King

Bahraini crown prince meets Saudi officials in Riyadh

Bahrain Crown Prince Salman bin Hamad Al-Khalifa held talks with Saudi officials in Riyadh this week. His visit…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1898 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government