The Board of Directors of the Central Bank of the TRNC has raised the annual interest rates applied to deposit accounts in Turkish lira, reserve accounts, as well as to rediscount transactions, discount and advance transactions in Turkish lira, effective April 2, 2021.
According to a statement from the Central Bank's Administrative Center, the interest rate applied to deposit accounts in Turkish lira, on which interest is charged at the Central Bank, regardless of their maturity, ranges from 13.75 percent to 15.25 percent per annum. The interest rate applies to Turkish Lira. Foreign currency interest rates have not changed.
The discount interest rate to be applied in rediscounting transactions carried out by the Central Bank on commercial promissory notes issued in Turkish lira will range from 20.00% to 21.50% per annum in exchange for bonds of the industrial, export, tourism, education and agricultural sectors issued in Turkish lira. Discount interest rates to be applied on bookkeeping transactions range from 17.25 percent to 18.75 percent per annum, from 16.25 percent to 17.75 percent for small commercial promissory notes, and the interest rate applied in advance to transactions with foreign exchange is 16 percent.
Share on social networks:
New Work Permit Regulations Come into Effect for Foreign Nationals
The Ministry of Labor and Social Security has announced new requirements for employers applying for work permits for third-country nationals. Starting February 25, 2025, employers will be required to submit a security deposit of 250 euros and provide a notarized undertaking. This regulation is based on Article 34 of the Regulation on Work Permits for Foreigners under Law No. 63/2006.A New Mortgage Loan Program Launched in K.K.T.K.
A new mortgage loan program has been launched in K.K.T.K. for citizens who do not have registered housing in their name, their spouse’s name, or their children under 18. The program is intended for families with an income of up to 250,000 Turkish lira and offers favorable conditions.Decline in the Northern Cyprus Real Estate Market: Challenges and Future Prospects
The real estate market in Northern Cyprus is experiencing a decline in activity: the number of new projects is decreasing, and some have been completely frozen. According to data obtained from reliable sources, several contractors are facing difficulties in paying employees' wages, leading to mass layoffs in the construction sector.TRNC Minister of Public Works and Transport Erhan Arıklı Responds to "Palestinization of Cyprus" Claims
The idea of the "Palestinization" of Cyprus (derived from the word "Palestine") is used in a propagandistic context, implying that the situation in Northern Cyprus is allegedly following the scenario of Palestine. This expression suggests that foreigners (in this case, Israelis) are massively purchasing land and real estate, which could lead to changes in the region's demographic composition and the weakening of the local population's position.
