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Massive increase in personal debt, figures show

20 March 2017

Turkish Lira

According to the Turkish Cypriot central bank, personal debt per capita has reached 19,000 TL. These figures only relate to Turkish Cypriots since foreigners are not able to obtain personal bank loans.

Figures issued by the TRNC Central Bank Risk Centre at December 2016 show that personal debts in the north have reached 3 billion 834 million TL.

State Planning Organization (SPO), census statistics show, that the amount of Turkish Cypriot individual loans per person, was 6,759 TL in September 2010. By 2016, the figure increased by a massive 178.4 percent.

In 2011, personal debt was 8,990 TL per head, and in the years following:

  • 2012 – 10,013 TL
  • 2013 – 16,038
  • 2014 – 16,267
  • 2015 – 17,818
  • 2016 – 19,000

Meanwhile, the total amount of court claims for unpaid debts is 256 million TL.

Kibris Gazetesi

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