PM Tatar Welcomes Drop in Interest Rate

Prime MInister Ersin Tatar

The dropping of interest rates in North Cyprus was a good development but a further decrease would stimulate the economy, Prime Minister Ersin Tatar has said.

Speaking at a meeting with a delegation from the Cyprus banks’ union and the central bank, Tatar referred to the government’s expectations regarding the decrease of interest rates and referred to the example by Turkey, where interest rates fell from 30% to around 12-15%.

The prime minister also said that according to recent information he had obtained, the savings in the banks reached 30 billion Turkish lira (TL). He noted that this number was three times higher than the TRNC budget which was 8.8 billion TL. He added that it was very important to “administrate these resources well” and channel them into the economy.

Meanwhile, leader of the opposition (CTP) Tufan Erhurman said that the TRNC’s economic woes stemmed from Turkey.

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CTP Leader – Tufan Erhurman

Erhurman said that the future did not seem to be bright for 2020 as regards the economy and called for creative solutions through cooperation in order to improve the economy.

Noting that due to the unfortunate developments in the region, oil prices might rise. He added: “Turkey is inside this problematic area and tries to be a player in the region. Therefore it is very likely problems will be experienced as regards the sources coming from Turkey”.

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