Can Rent Be Paid in Gold? Statement from the Ministry of Treasury and Finance

In a recent development, the Ministry of Treasury and Finance made a statement regarding the payment of rent in gold. The Ministry clarified that paying rent in gold is against the current regulations. The statement emphasized the importance of adhering to these regulations to prevent any inconvenience to citizens.

This clarification follows an incident in Ankara, where a landlord set the monthly rent at 7 grams of gold, stating that this was the only way to protect themselves against inflation.

The Ministry’s statement outlined the legal framework established in 2018, which prohibits transactions in foreign currencies or currency-indexed forms, including gold, for domestic rental agreements. This prohibition is based on the “Decree No. 32 on the Protection of the Value of the Turkish Currency.” According to this regulation, the rent for properties located in Turkey, including residential and commercial properties, cannot be set or paid in foreign currencies or currency-indexed forms.

The Ministry’s statement further noted that agreements indexed to precious metals, whose prices are determined in foreign currencies in international markets, are also considered as currency-indexed contracts under the scope of this regulation. Therefore, the Ministry stressed that paying rent in gold is a violation of these regulations, and advised citizens to avoid engaging in such practices to prevent any legal issues or losses.