Latest Headlines

Weak lira drives cost of production up by 30%

25 January 2017

The cost of production in the dairy industry has risen by at least 30% because of the increase in the foreign exchange rate, chairman of the Dairy Products Manufacturers’ union, Candan Avunduk has said.

The government needed to take measures to protect producers and consumers against the weak lira, he said.

Avunduk noted that the purchasing power of the people had fallen by 30% and all sectors had become poorer.

Responding to a statement issued by the government that those who do not have an income in foreign currency, should not borrow in foreign currency.

The union head pointed out that everything in north Cyprus is purchased in pounds sterling. The government should ban internal borrowing and stop doing business in foreign currency, he said.

Havadis

By