Weak lira drives up cost of goods and utilities

The currency rate has skyrocketed but the TRNC economy has hit bottom, Turkish Cypriot daily ‘Kibris’ reports.

According to the paper, the minimum wage was equal to 586 US dollars (£463.7) before July 2016, while today it is equal to 518 US dollars (£409.5) despite the fact the minimum wage had been increased by 104 TL.

Meanwhile, Bayrak Television reports that the cost of living in the north has gone up.

According to the State Planning Organisation (DPO), inflation has gone up by 1.43% in comparison to October and 8.77% in comparison to November 2015.

The price of 241 goods and materials has increased in comparison to the previous month. The highest price increase was recorded in housing, water, electricity, gas and other fuels.

Kibris, BRT

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