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07-09-2018 17:16 | Read 761 times

Exporters required to convert revenue to TL

Turkey has required exporters to convert the bulk of their overseas revenue into lira, a surprise move designed to support the tumbling currency but one that industry officials say could lead to losses for manufacturers.

Exporters required to convert revenue to TL

Under a decree announced this week, exporters must convert 80 per cent of their foreign exchange revenue into lira within 180 days of receiving payment.

The measure went into effect from Tuesday and will last six months. Turkey’s exports totalled $157 billion last year, according to official data.



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