These exemptions are applicable to export-related contracts, capital market instruments and employment contracts involving foreigners, as well as sales of software produced abroad, ship leasing contracts and contracts involving state institutions, if they are not related to property or employment, added the Gazette.

In September, the government stated that Turkey seeks to ban foreign currency transactions for property sales and rental agreements, impliying that transactions for property sales and rental agreements need to be done through the Turkish lira instead.

The value of the Turkish lira has dropped 38% this year alone, and a big reason for the currency taking a hit could be credited to President Erdogan’s influence over monetary policy as well as his diplomatic fallout with the USA.

Experts believe this move would be positive for the Turkish economy. The fall of the Turkish lira has impacted way of life in the Central Asian nation. Since the spat with the USA, duties on aluminium and steel imports have doubled, on orders from President Trump. In response, Erdogan hit US goods with high taxes, such as cars, tobacco and alcohol.

The Central Bank of Turkey has raised interest rates by 6.25% to control inflation.