Car sales slumps by nearly 40% in TRNC - Stats show

NEW vehicle sales have slumped by more than 60 per cent over a period of two years, according to figures released by the industry. 

Insiders have blamed economic and political uncertainty in Turkey, contributing to the collapse of the Turkish lira against foreign currencies, for the sharp downturn.

They said the TL crisis, leading to surging exchange rates for goods priced in “hard” currencies, had also resulted in most banks increasing their interest rates on loans considerably.

Source: Cyprus Today Online