Prices of chicken, eggs increases in TRNC as economic crisis deepens

Prices of chicken, eggs and other commodity in the TRNC has gone more than 10 percent up in the last few weeks as economic crisis continue to deepen in the TRNC due to the free fall of the Turkish Lira with many calling for the need to introduce a more stable currency.

According to a report by Turkish Cypriot daily Kibris, the price of eggs and chicken saw a 10 per cent increase last week and have gone up a further 15 per cent this week. On Tuesday the price of fuel also rose by over 1TL.

Reports said there has been a 5.52 per cent increase in the general consumer price index for November compared to the previous month. An almost 10 per cent increase was recorded in clothing and footwear, 7.7 per cent in food and soft drinks and 6.7 per cent in communication.

As the economic crisis continue to deepens, shop owners say without shoppers from the south and tourists, they would not survive.

Turkish Cypriot Unions, ‘Civil servants’ union KTAMS, argue that the minimum wage is now below the poverty line while prices of essential items are on the rise. said the poverty line in the TRNC for a four-member family was at 4,835 Turkish lira (around €314) in November, while the net minimum wage set is 4,324TL, thus lower than the poverty line.

Head of main opposition Republican Turkish Party (CTP) Tufan Erhurman reiterated his call for a transition to a stable currency, warning that people in the north would be crushed under the weight of currency exchange.

“We pay for everything that enters our homes in Turkish liras, but they are calculated in currency exchange,” he said. He said people’s income is in Turkish liras but their expenses are determined by foreign currency.

He pointed out that even the products arriving from Turkey are bought in foreign currency. Due to the fluctuations of the Turkish lira, many products, including vehicles and real estate are usually sold in pound sterling.

Erhurman had earlier said last after the January 23 elections, when his party would come to power, they would discuss the north’s transition to the euro.

Daily Yeniduzen reported recently that a transition to the euro would be a long process but technically not impossible.