Goods purchased from Turkiye will now be paid for in TL

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

According to the statement made by the Presidency, Tatar stated that the negative effect created by the fluctuations in the foreign exchange/TL parity will be partially eliminated.

 Tatar's message is as follows:

 " As a result of the studies carried out pursuant to activity 22 of the Action Plan annexed to the 'Protocol on the Development of Trade and Economic Cooperation between the Government of the Republic of Turkey and the Government of the Turkish Republic of Northern Cyprus' signed in Lefkosa on June 3, 2021, the Central Bank of the Republic of Turkey Exports With the amendment made in the Circular, it has been decided that as of 5 December 2022, companies will use Turkish Lira, our national currency, instead of foreign currency, in exports from Turkey to the TRNC.

Pursuant to this decision, the fact that companies will use Turkish Lira instead of foreign currency in exports from Turkey to the TRNC will have a positive impact on the economy of the TRNC.

Tatar 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”.

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