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Difficult Financial Year Ahead: Denktaş

Difficult Financial Year Ahead: Denktaş

August 03
12:40 2018

This year will be a difficult one financially due to the delay in the approval of the budget, Finance Minister Serdar Denktaş has said.

North Cyprus News - Turkish LiraSpeaking on Barak Radio Television, Denktaş said that this is due to the fact that the government is trying to increase the amount of the foreign currency in the country.

We have been set back by two years. We are not responsible for this”, he said.

Noting that there were some precautionary measures taken and that there were two or three mechanisms that they could use, Denktaş said that these mechanisms were the Price Stabilisation Fund – FIF.

Despite the rises in all prices, he said, “We are doing everything we can to prevent price hikes”.

The Finance Minister said that although he knew that he needed to pump money into the system to prevent a financial crisis, first you need to fill the till to be able to do this.

He said that the coalition government partners were determined to do all they can overcome this difficult phase.

Denktaş also said that despite the economic developments that have taken place in the TRNC compared to many other countries, TRNC prices are high.

BRTK