TRNC government fixed exchange rates in house contracts

The TRNC Council of Ministers have decided that foreign exchange rates be fixed in house contracts and went on to fix the foreign exchange rates for house rents in the country.

Council of Ministers spokesman, Kudret Ozersay made the announcement taken regarding the economy to the public on Friday.

According to him, fixing the exchange rate in the house contracts will help property owners benefit from tax deduction.

In the new released contracts, foreign currency will now be exchanged to the Turkish Lira as follow;

-Pounds Sterling 
- 5.20 TL,
-Euro is 4.60 TL and
-Dollar is 3.80 TL.

According to the decisions taken those who have sterling pound rental agreements will pay their rates at 5.20 TL per pound.

Those who have Euro rental agreements will pay 4.60 TL per euro and those who have US dollar agreements will pay 3.80 TL per dollar.

In order to promote rental agreements being made in the Turkish Lira currency some incentives were announced. 

From 1 September, it will start the withholding of foreign exchange lease contracts to 15%  adding that this step was taken to encourage contracts in TL.

Good News!!