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Turkey May Oblige Exporters to Convert 40% of Income to Liras

Turkey is planning to increase the rate at which exporters must convert their hard currency revenue into lira to 40%, from 25%, in a bid to boost reserves, according to an official.

Central bank Governor Sahap Kavcioglu discussed the plan on Tuesday with members of the Turkish Exporters Assembly, the official said, asking not to be named because the meeting was private. The proposal still requires Treasury and Finance Ministry approval. The central bank declined to comment.