Shortage of Turkish Lira Restricts Bank Loans

North Cyprus News - Turkish Lira

Thursday, 25 May 2023

There is a shortage of Turkish Lira in some local banks because bank deposits have been converted to foreign currency, Yeniduzen reports.

It was predicted that the lira would continue to devalue after the Turkish presidential elections, irrespective of who won.

This has led to banks exchanging lira deposits for foreign currency; added to which there has been an increase in the demand for loans in local currency.

Following which, a number of local commercial banks have put restrictions on loans in Turkish Lira.

Yeniduzen

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