There is scarcity of Turkish Lira in TRNC as locals converts TL to foreign currencies

A shortage of Turkish Lira has been reported in some local banks in north Cyprus because bank deposits have been converted to foreign currencies.

According to the report by, Yeniduzen, it was predicted that the lira would continue to devalue after the Turkish presidential elections, irrespective of who wins.

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, LGC news