Turkish Cypriot traders want the TRNC to adopt the Euro

Traders in Kyrenia, have lashed out against the extraordinary depreciation of the Turkish Lira, saying that transition to the Euro would relieve them all, Yeniduzen reported. “All our expenses are in foreign currency, it would be beneficial to switch to the Euro”, they said.

Tradespeople from many different sectors, from clothing to restaurants, from markets to jewelers, said that the businesses are suffering badly because of the continuous depreciation of the Turkish Lira, adding that the transition to the Euro currency would be the best option.

Yeniduzen reports that shopkeepers say that their shops are empty of customers, there is no employment and people cannot afford to spend. People have limited purchasing power as the cost of goods increases.

Traders were hoping to recover from their losses following lockdown driven by the pandemic. Locals returned to the shops and tourists arrived. Now they have been hit by the exchange rates.

Tradespeople at Kyrenia market, which is considered the centre of the tourism industry, told Yeniduzen about how they struggled to survive. Most of their expenses were in foreign currency and the devalued lira meant that their costs and prices inevitably rose.

The problem was that price rises deters local shoppers. They believe that the only way to survive this financial crisis would be to adopt the Euro.

Yeniduzen, LGC News