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Turkey Orders Exporters to Convert 25% of Income to Liras

     

     

Photographer: Nicole Tung/Bloomberg

Turkey will require exporters to convert a quarter of their revenues to liras, the latest step in the government’s efforts to boost its reserves and support the local currency.

The central bank will buy 25% of all income from exports of goods so long as the exporters receive payments in U.S. dollars, euros or pounds, the monetary authority said in a decree on Monday.