Government Tells Banks to Drop Interest Rates

North Cyprus News - Bank - signInstructions have been given to banks to reduce their lending rates, Prime Minister Ersin Tatar has said.

Commenting on reactions to measures announced by the government to deal with the economic crisis brought on by the coronavirus pandemic, Tatar said that the state’s monthly revenue had dropped from 550 million TL to 200 million TL. He added that the government is trying to overcome the problems with the money it does receive. He said that when a three-month calculation is made, the finance ministry will lose about 600-700 million TL, and added that the reason for the wage cuts is the need to save.

Asked whether they could borrow from Turkey, Tatar responded that the necessary contacts were being made and that work had already been done on the 2020 protocol.

Cyprus News - Prime Minister - Ersin Tatar
Prime Minister – Ersin Tatar

Evaluating reactions to the decision to give 1,500 TL to private sector workers for April and May, Tatar said the package would be re-evaluated and added that work on a second package had begun. Addressing the private sector, Tatar sent the message that “you are not alone, we are with you and we will overcome this process together”.

Responding to reactions to the plea-call addressed to banks for interest rates cuts, Tatar said the necessary instructions were given to the banks and stressed that they should not think about profit when adjusting interest rates. He added that Vakiflar Bank has lowered interest rates and has instructed the Co-operative Bank to do so, while the central bank is keeping an eye on developments.


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