Economy of the Ottoman Empire

Turkish lira teeters near record low as Erdogan secures victory

Turkey's lira wobbled near record lows against the dollar as President Tayyip Erdogan secured victory in the country's presidential election on Sunday, extending his increasingly authoritarian rule into a third decade.

The currency was at 20.05 to the dollar during Asian hours, just shy of the 20.06 record low hit on Friday.

Turkey Acts to Limit Rent Increases Amid Soaring Inflation

Buildings in Istanbul. Photo: Pixabay/btastinkaya

According to the new regulation, rent price hikes will be limited to 25 per cent until July 2023.

"Rents can only be increased by 25 per cent. We tried to protect the rights of both tenants and landlords," Turkish Justice Minister Bekir Bozdag told reporters before the parliamentary vote on Wednesday.

Property sales abroad deemed service exports: Official Gazette

The Turkish government will provide substantial financial support to property companies for promotion activities abroad, according to a presidential decree published in the Official Gazette on April 22.

Marketing Turkish properties have been classified as "service exports," the decree said.

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