According to a decree published in the Turkish Official Gazette, Turkey’s export proceeds must be brought back to Turkey within 180 days and that 80% of said proceeds must be given to a bank. Contracting firms must bring back proceeds from their exports within 365 days.
The Lira caught fresh bids on the above headlines, sending the USD/TRY cross below the 6.6000 level briefly before rebounding to 6.6050 levels last minutes.
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