Business

Efforts to carry out trade between Turkey and TRNC in Turkish lira accelerated

Sunat Atun, Minister of Economy and Energy of the Turkish Republic of Northern Cyprus (TRNC), stated that the ongoing efforts to carry out the trade between Turkey and the TRNC in Turkish lira have accelerated.

Minister Atun, in his written statement, stated that they held a meeting between the delegations with the Minister of Commerce Mehmet Mus in Ankara.

Emphasizing that the use of Turkish lira in all products coming from the TRNC to Turkey was discussed at the meeting, Atun emphasized that there was an important synergy for the conclusion of the issue and that the process was progressing rapidly.

Atun stated that with the billing of products sold in Turkish lira in the Turkish domestic market in Turkish lira in the TRNC, the risk of foreign currency inflation will be eliminated and price stability will be strengthened.

Pointing out that the TRNC is an effective Turkish lira region, Atun said, “In an environment where mutual trade is predominantly made in Turkish lira, some products should not be invoiced in foreign currency in the TRNC while they are sold in Turkish lira to the Turkish domestic market. This is crucial for trade predictability and price stability.”

SIGNING PHASE OF THE JOINT ECONOMIC AGREEMENT

Atun stated that during his duty in 2016, the issue of opening the scope of low-interest and wide-option Tradesmen Loan, provided by the Central Union of Turkish Tradesmen and Craftsmen Credit and Bail Cooperatives Unions (TESKOMB) through Halk Bank, to tradesmen in the TRNC with all its packages, was discussed at the meeting.

Noting that the works started immediately upon the instruction of Minister Mus, Atun underlined that tradesmen will have access to a very low-cost and long-term Turkish lira resource with both direct fund transfer and the opening of all the scopes of the current TESKOMB program.

Stating that the Joint Economic Agreement between the TRNC and the Republic of Turkey is at the stage of signing, Atun noted that the periodical agreement, which will include the products to be exported to Turkey at preferential tariff in the new period, will be signed by coming together again.

Source: Sabah / Translated by Irem Yildiz

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