North Cyprus to brace up for more effects of devalued Lira

The Republic of North Cyprus should brace up for more effect of the devalued Turkish Lira as the legal tender falls by 4% against the US dollar, the pound sterling and the euro, over the last three days.

Turkish Cypriot Economist, Dervis Kemal Deniz told Turkish Cypriot daily ‘Kibris’ that the TL’s devaluation would affect North Cyprus more than Turkey, because Turkey has not yet given any financial aid to the country this year.

Meanwhile, Turkish Cypriot daily ‘Yeni Duzen’ reports that the devaluation of the TL has intensified concerns regarding the TRNC economy. 

Economist Mustafa Besim, chairman of the Administrative Council of the TRNC Development Bank, told the paper that a mechanism should be included in the economic protocol which is being discussed with Turkey, to bolster the country’s economy, before the shocks from the devaluation of the TL are felt.

LGC News