The decision came after Turkey’s central bank increased interest rates in efforts to stop the declining value of the lira. - Photo by LWYang/Flickr.

The decision came after Turkey’s central bank increased interest rates in efforts to stop the declining value of the lira.

Photo by LWYang/Flickr.

Turkey’s President Recep Tayyip Erdogan announced on Thursday that the country is banning the use of foreign currency in its property market, BBC News reports.

Car rental companies are "outraged" by the decision, according to Turkish news website Dünya, as most of their rental and sale agreements are offered in euros and dollars.

With the ban in place, all future sales, rental, and leasing contracts must now be made in the country’s own currency, the lira.

The decision came after Turkey’s central bank increased interest rates in efforts to stop the declining value of the lira. This ultimately caused the price of everyday items to increase, sparking fears of an economic crisis.

All current agreements in the property sector made in foreign currencies must be changed within 30 days.

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