Turkey is banning the use of foreign currency in the country's property market in a new bid to support the ailing local currency.
President Recep Tayyip Erdogan issued a decree on Thursday stating that sales contracts and rental agreements in foreign currency must be converted into lira within 30 days.
The move came as Turkey's central bank increased interest rates by a hefty six and a quarter percentage points to 24 percent in order to save the currency.
The lira has lost some 40 percent of its value against the dollar this year alone over concerns about Erdogan's influence on monetary policy and a diplomatic spat between Turkey and the United States.
President Recep Tayyip Erdogan issued a decree on Thursday stating that sales contracts and rental agreements in foreign currency must be converted into lira within 30 days.
The move came as Turkey's central bank increased interest rates by a hefty six and a quarter percentage points to 24 percent in order to save the currency.
The lira has lost some 40 percent of its value against the dollar this year alone over concerns about Erdogan's influence on monetary policy and a diplomatic spat between Turkey and the United States.
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