Turkey's central bank said on Thursday that it will provide an incentive for the conversion of firms' foreign exchange obtained from abroad into Turkish liras to support the "liraization" in commercial activities.
Under its Monetary Policy and Liraization Strategy for 2023, the Central Bank of the Republic of Turkiye, or CBRT, would provide firms, who sell their forex from abroad to the central bank, a FX conversion support corresponding to 2 percent of the amount converted into Turkish liras, in return for their pledge, which according to Reuters was that firms will not buy forex for a period decided by the central bank.
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