Devalued Turkish Lira Boosts GC Spending in North

Credit cards issued in South Cyprus were used to spend 21,129,000 Euros in the TRNC in 2019, according to data issued by JCC Payments Ltd. in Nicosia, This shows an increase of 122 per cent compared to spending amounts in 2017.

The reason for the Greek Cypriot spending boost is the currency crisis and the devaluation of the Turkish Lira, a report by Greek Cypriot daily ‘Politis’ says.

In 2017, shoppers from the south spent 9,491,000 Euros in the TRNC and 15,000,000 Euros in 2018, rising to 21,129,000 Euros in the TRNC in 2019.

The report adds that Greek Cypriots, spent 442,000,000 Euros in Turkey in 2017, 354,000,000 Euros in 2018 rising to 578,800,000 Euros in 2019.

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