Local Businesses Continue to Close

The continuing pressure on the purchasing power of TRNC citizens is resulting in an increasing number of business failures.

The Ministry of Labour says that in the first five months of 2013, a total of 193 firms have shut down.

The highest number of closures were in Famagusta.

Other facts highlighted by the Ministry statement are the TL 887,416 charged to firms for not complying with regulations. Virtually three quarters of these fines related to hiring illegal workers.

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