Turkey rolls back some forex rules

Turkey

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

In September, the government ruled that property sales, rental contracts and leases should all be made in lira, in order to support the local currency. Foreign currency had been widely used for rental deals in shopping malls and also in real estate sales contracts. (Reuters)