Turkey: Government call for use of Turkish lira in property sales

As many of the shopping mall investments in Turkey were financed with US$ or € loans, the owners have seen their debt burden rise with recent volatility in the exchange rate. The Turkish lira has depreciated more than 45% against the U.S. dollar since the beginning of 2018, reflecting the diplomatic crisis between Turkey and the U.S. Big players in the retail sector praised the Turkish government decision to promote the use of the Turkish lira in commercial property rentals and sales