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TRNC Considers Abandoning Turkish Lira

TRNC Considers Abandoning Turkish Lira

May 24
08:29 2018

Radical measures for the TRNC economy are being considered. There have been hints that the government could even adopt a currency other than the Turkish lira.

Speaking at a press conference, Prime Minister Tufan Erhurman said “If we are experiencing certain problems beyond our control due to the devaluation of the Turkish lira, then we need to discuss these issues openly with the Turkish Republic, and we have started to talk with them.

He stated that a change of currency and currency hedging are among the measures that are on the table for discussion.

Erhurman raised concerns about increases in the price of fuel as well as hikes in private school tuition, which are paid in foreign currencies, saying that these issues, which are a result of the decline of the Turkish Lira, affect the Turkish Cypriot community.

Replying to a journalist’s question regarding South Cyprus’ gas drilling activities, the prime minister stated that the Turkish Cypriots are not just a constituent that will receive part of the income but also a community that have rights on the issue of the hydrocarbon explorations. “We are sitting at the negotiation table strong willed and as one of the two founding elements”, he said.

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