Council of Ministers Announce Emergency Measures Against Weak Lira

North Cyprus News - Turkish Lira purseThe council of ministers has decided on new economic measures in a battle against the effects of the weakened Turkish lira. Some of the 23 measures announced earlier were formalised and a number of additional measures for dealing with the economic crisis were announced.

After the meeting, Prime Minister Tufan Erhurman, stated that the country is experiencing extraordinary conditions and asked everyone to act responsibly, to think of the rest of society and ask themselves which things they could give up temporarily.

On its front page, Turkish Cypriot daily ‘Kibris’ published 16 measures announced on Tuesday. An additional tax of 20% has been imposed on the casinos and the betting offices. The stabilisation of the foreign exchange rates for six months in leasing agreements (the exchange rate of pound sterling is set at 6,30 TL, for euros 5,60 TL and dollar – 4,75 TL).

Additionally, for a period of six months, the transfer fee for a first residence smaller than 140 square metres is reduced to 1% and for immovable properties other than the first residence to 4%. Moreover, for a period of six months, foreigners are given the right to purchase a second and a third apartment. For the second apartment they will pay 9% transfer fee and for the third 10%.

Kibris, LGC News

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