Turkish Imports to be Purchased in Liras

North Cyprus News - Turkish Lira

Products imported from Turkey will be purchased in Turkish Lira instead of foreign currency, President Ersin Tatar announced, Yeniduzen reports.

He said that to avoid the effects of fluctuations in foreign currency exchange against the lira. As of 5 December, Turkish imports will be paid for in Turkish Lira.

Tatar this will partly eliminate the existing issue brought on by the weak lira.

He said, “The aforementioned circular, which makes it compulsory to declare the export value in Turkish Lira in the customs declaration as of 5 December and to collect the amount in Turkish Lira, will partially remove the negative effect created by the fluctuations in the foreign exchange/TL parity. 

“Statistical data show us that the TL was used in 51.7% of Turkey’s exports to the TRNC and 49.8% of its imports from the TRNC in 2021. With this circular, it is stated that it will help the price stability in the TRNC in the short term and subsequently the widespread use of TL in the TRNC by preventing exchange rate risks and transaction costs in the sales prices of imported products in the TRNC domestic market in their imports from Turkey in foreign currencies other than TL. It is obvious”.

Yeniduzen

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