Cost of goods and utilities drives up in North Cyprus as the Lira weakens

Due to the current economic crisis facing Turkey, the rate of the Turkish Lira (TL) has skyrocketed as the Turkish Republic of North Cyprus TRNC economy hit a record low, reports Turkish Cypriot daily ‘Kibris.’

According to the paper, the minimum wage in TRNC was equivalent to 586 US dollars (£463.7) before July 2016, while as at today, it is now equivalent to 518 US dollars (£409.5) despite the fact that the minimum wage had been increased by 104 TL.

And according to a report by Bayrak Television, the cost of living in the north has also gone up.

The State Planning Organisation (DPO), said that inflation has gone up by 1.43% in comparison to October and 8.77% in comparison to November 2015.

And also, the price of more than 241 goods and materials has increased in comparison to the previous month with the highest price increase recorded in housing, water, electricity, gas and other fuels.

Which way Cyprus?

Kibris, BRT