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TRNC mandatory salary bank payments The Turkish Republic of Northern Cyprus (TRNC)  is set to introduce a significant change to employment practices with new legislation requiring salary payments to be made via bank accounts  for enterprises employing five or more staff . The bill was presented to parliament on 26 January 2026  by Oğuzhan Hasipoğlu , Minister of Labour and Social Security, and is scheduled to come into force on 31 March 2026 . ________________________________

The Advantages of North Cyprus Providing a Digital Wallet to All Citizens As North Cyprus continues to modernise its public services, the introduction of a North Cyprus digital wallet for citizens  would mark a major step forward in efficiency, accessibility, and economic development. A government-backed digital wallet could act as a secure hub for payments, public services, and citizen interaction—simplifying everyday life for residents while reducing administrative strain o

Central Bank of the Republic of Türkiye (CBRT)   cuts key one-week repo rate from 40.5% to 39.5% . 🏦  On 23 October 2025 , the Central Bank of the Republic of Türkiye (CBRT)  announced a 100-basis-point rate cut , bringing its key one-week repo rate down from 40.5% to 39.5% .The move was smaller than previous cuts earlier in the year, reflecting caution amid stubborn inflation and economic headwinds. According to Reuters, the CBRT signalled it was still focused on promoting

If you're visiting or relocating to Northern Cyprus, one of the first practical questions you'll ask is: Where should I exchange my money for the best rate? Here’s everything you need to know to make sure you’re getting good value on currency exchange . 💱 What Currency Is Used in Northern Cyprus? The official currency is the Turkish Lira (TRY) .However, euros, pounds, and US dollars  are widely accepted in tourist areas, property markets, and by many businesses. Still, for d

What Currency Is Used in Northern Cyprus? 💰 What Currency Is Used in Northern Cyprus? If you're planning a trip to Northern Cyprus, one of the most common questions is: "What money do I need?" Here’s your quick and clear guide.  (₺)The Main Currency: Turkish Lira Northern Cyprus uses the Turkish Lira (TRY)  as its official currency. Prices in shops, restaurants, and local services are usually marked in lira. 🪙 Common banknotes : 5, 10, 20, 50, 100, and 200 TRY 🪙 Coins : 1,

Opening a new bank in Northern Cyprus (TRNC) Opening a bank in North Cyprus Establishing a bank in the Turkish Republic of Northern Cyprus (TRNC) is governed by the Banking Law  and overseen by the Central Bank of the TRNC . The process involves several key requirements and steps: 🏦 Key Requirements to Open a Bank in Northern Cyprus Legal Structure The bank must be established as a public limited company  under the TRNC Companies Law. The company's name must clearly indicate

Executive Summary North Cyprus faces a range of monetary challenges stemming from its limited recognition, reliance on foreign currencies (primarily the Turkish lira), and restricted access to global financial systems. A Central Bank Digital Currency (CBDC) could offer a strategic tool to enhance monetary sovereignty, boost financial inclusion, modernize the payments system, and increase economic resilience. This white paper outlines the potential benefits, considerations, an

Year Inflation Rate (%) Notes 2015 7.67 Stable inflation amid moderate growth. 2016 7.78 Slight increase due to political uncertainty. 2017 11.14 Double-digit inflation returns after several years. 2018 16.33 Currency crisis leads to sharp price increases. 2019 15.18 Inflation remains high despite policy measures. 2020 12.28 Pandemic-related disruptions impact prices. 2021 19.60 Monetary easing contributes to rising inflation. 2022 72.31 Inflation surges amid currency depreci

Benefits for Merchants in North Cyprus Who Accept Cryptocurrency 1. Access to a Global Market Cryptocurrencies bypass traditional banking restrictions , making it easier for merchants in an unrecognized territory like North Cyprus to engage in international commerce. Customers from abroad can pay without needing to convert to Turkish Lira or deal with intermediary banks. 2. Lower Transaction Fees Crypto transactions generally come with lower fees  than credit card processors

The economy of Northern Cyprus is quite unique due to its international isolation , dependence on Turkey , and its semi-official status . Despite these challenges, it has developed a functioning economy driven by a few key sectors. GDP Composition of Northern Cyprus Here’s a breakdown of what makes up the GDP of Northern Cyprus : 💰 GDP Composition of Northern Cyprus While detailed and fully reliable economic data is hard to come by (due to its unrecognized status), the main

The recent U.S. tariffs could have significant economic effects for Turkey, affecting key sectors and potentially influencing the broader economy. ​ Impact on Key Export Sectors: Automotive Industry:  The U.S. has imposed a 25% duty on all automotive imports, directly impacting Turkey's auto sector, a major contributor to its exports. This tariff is expected to reduce the competitiveness of Turkish vehicles and parts in the U.S. market, potentially leading to decreased sales

North Cyprus Should Adopt Bitcoin and XRP - Introduction The global financial landscape is rapidly evolving, with digital assets like Bitcoin and XRP gaining mainstream adoption. Countries and territories seeking economic growth, financial stability, and global integration are increasingly considering cryptocurrencies as legal tender. Cryptocurrency is extremely popular in North Cyprus with many businesses accepting bitcoin and here we outline the key reasons why North Cyprus

The Turkish lira (TRY) has experienced significant volatility over the past decade due to economic policies, inflation, and global market conditions. Investors, businesses, and citizens alike are concerned about its future value and purchasing power. While predicting currency movements with certainty is challenging, several key factors will influence the lira’s trajectory in the coming years. Economic Policies and Interest Rates One of the biggest drivers of the lira's future