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Banking
Commercial banks in
Northern Cyprus
are of two kinds. There are banks
which are branches of large organisations based in Turkey, and local banks. Many
of these banks have correspondents in other countries. Transactions can be
carried out in all leading currencies. The Central Bank of
Northern Cyprus is responsible for the monetary,
credit and exchange policy, and acts as banker to the government. Banking
hours for the public:
8:30 a.m. - 2:00 p.m. in summer. On Mondays also open from 3:00 - 6:00 p.m.
Cost of Living
Compared with most countries in Western Europe, the cost of living in Northern Cyprus is low. Locally produced
products or those produced in Turkey are generally cheaper
than thier European counterparts. However, goods imported from Europe tend to tend to be higher in price than their
country of origin. Very cheap are cigarettes and alchohol.
Credit Cards
The
use of credit cards is increasing in Northern
Cyprus, but visitors are advised not to rely on them as their
only financial resource as the majority of establishments still do not
have the facilities to accept them.
Currency
/ Exchange Rates
The legal tender of Northern Cyprus is the
Turkish Lira. As exchange rates change, daily to the visitior's advantage
it is advisable not to buy large amounts of the currency before embarking
on your holiday. Most shops will also be quite happy to accept major
foreign currencies.
Economy
Development activities in Northern
Cyprus are carried out according to economic planning in
accordance with the constitution. In Northern
Cyprus, tourism plays a large role followed by tertiary
studies, industry, agriculture, transportation and health sector
respectively. Ont of the most important steps of the structural change to
spur the economic development in Northern
Cyprus is privatisation of state owned industries.
Foreign Investment
Investing in Northern Cyprus` banks can be highly lucrative as
interest rates on foreign currencies tend to be much higher than those in Europe. There are also an increasing
number of off-shore banking opportunities opening up which visitors may be
interested in looking into.
Produce & Product
Carobs, Carpet we aving,
Hellim, Lefkara ambroidery and lace, Nuts, Olives, Tobacco, Wicker basket
we aving, etc... |
