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Turkey increases forex sales tax by 0.1% to boost the lira

  • The Turkish government today instituted a 0.1% sales tax on some foreign exchange transactions.
  • This is part of the government’s attempts to stop Turks from selling the lira in favor of foreign currencies.

This move comes as the Turkish government struggles to stabilize the lira, which has come under significant selling pressure for several months.

The government has raised the banking and insurance transactions forex tax to 0.1% after having reduced it to zero in 2008.

TufanComert, a coordinator at Garanti Securities said:

“This step appears to be aimed at both raising revenues and to deter people from foreign currencies.”