Turkey allows forex real estate contracts for foreigners

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An exchange office worker counts Turkish lira banknotes in Istanbul. AFP PHOTO / OZAN KOSE / AFP PHOTO / OZAN KOSE

Turkey has allowed foreign citizens resident in the country to make real estate contracts in foreign currencies under a revision of regulations designed to support the Turkish lira, Reuters reported, citing the Official Gazette.

It also said under another revision that forex-indexed real estate contracts would be allowed in free trade zones.

The government in September banned contracts in foreign currencies to boost the national currency, which was in free fall during summer.

Turkey has been experiencing a currency crisis, with its national currency losing almost 40 percent of its value against the US dollar since the beginning of this year.

The crisis has triggered high inflation and interest rate hikes.

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