Turkey Offers Favorable Lira Rate for Converting Exporter Income
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Turkey will provide a more favorable exchange rate to exporters that convert their foreign income into lira and don’t use the proceeds to buy hard currency for some time.
The central bank will offer a 2% premium on the current exchange rate for companies repatriating their earnings, according to an announcement published in the Official Gazette. The mechanism will apply to exporters who “make a commitment” not to buy foreign currency for a period that will be disclosed by the monetary authority.