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Weak Turkish lira hits TRNC car dealers

Weak Turkish lira hits TRNC car dealers

September 04
11:57 2013

Car dealers across the TRNC are under pressure.

The poor economy and the recent weakness of the Turkish Lira has hit sales and a number of car dealers anticipate going bankrupt.

The salaries of civil servants have not increased and most private sector employees are working for a minimum wage. Their purchasing power has been weakened.

With no wage increases, those people who have borrowed foreign currency loans are not coping with increased loan repayments.

Dealers say that most demand is at the cheaper end of the market; for cars selling for between £3,000 and £7,000.