TRNC government fix exchange rates: 10TL for Dollar, 11 TL for Euro and 12 TL for Sterling

Due to the recent depreciation of the Turkish Lira, the TRNC government has fixed the foreign currency exchange rate in real estate rentals for 3 months.

Prime Minister, Dr. Faiz Sucuoğlu made the announcement on Wednesday, November, 24, 2021.

As such, rates for real estate rents were fixed at 10 TL for Dollar, 11 TL for Euro and 12 TL for Sterling.

Sucuoğlu said that the rental withholding tax in foreign currency will increase from 13 percent to 16 percent, and that contracts in TL will be encouraged.

The Prime Minister stated that a new loan portfolio worth 150 million TL in total, with a grace period of 36 months, will be opened and applications will be accepted until March 31, 2022. Also, loans will be extended with a fixed interest rate of 13 percent.

Sucuoğlu said that the restructuring of foreign currency loans will come to the fore and a decree with the force of law will be issued in this regard. 

Stating that they continue to work on basic food prices, Sucuoğlu said, “We are making efforts to reduce or keep it at an acceptable level. We are working on bread in particular," he said.

Expressing that the credit card interests will be reduced from 2.6 percent to 1.5 percent, Sucuoğlu stated that no delay interest will be applied until the end of March 2022.