Business · Economy · 2 hrs ago
Türkiye and Northern Cyprus plan to link electronic payment systems
The central banks of Türkiye and the Turkish Republic of Northern Cyprus have agreed to connect their electronic payment systems.
Northern Cyprus uses the Turkish lira and has close economic ties with Türkiye.
Its economy relies heavily on services, imports and visitors, including tourists and international students.
Disruptions to supply chains and higher oil, fuel and transport costs can push prices up, and Northern Cyprus imports 70% of its goods from Türkiye.
The territory’s central bank governor said the payment link would make it easier to move money between the two economies.
The necessary approvals have been received, and the connection is expected by November.
The governor said Northern Cyprus also needs to take its own steps to support its economy.
Türkiye and Northern Cyprus have agreed to connect their electronic payment systems, Northern Cyprus Central Bank President Rifat Günay said.
Approvals have been obtained for an arrangement between the two central banks, and the connection is expected by November at the latest.
Günay said the link would make it easier to transfer Turkish lira between Türkiye and Northern Cyprus.
He said the Northern Cyprus economy is closely affected by developments in Türkiye and by regional disruptions.
He also said Northern Cyprus imports 70% of its goods from Türkiye, and higher transport and fuel costs have pushed prices up.
- Who
- The Central Bank of the Republic of Türkiye and the Central Bank of the Turkish Republic of Northern Cyprus.
- What
- They agreed to connect their electronic payment systems. Approvals have been obtained.
- When
- The connection is expected by November at the latest; the year is not stated.
- Where
- Between Türkiye and Northern Cyprus.
- Why
- To improve integration between their payment systems and enable Turkish lira transfers between them.
This story does not have two clearly opposing sides.
Türkiye and the TRNC need to develop integration within their payment systems.
The Istanbul Economic Forum brought together central bank governors and senior policymakers in Istanbul.
Rifat Günay said the two central banks had agreed on an Electronic Payment System arrangement and obtained approvals.
Günay said Northern Cyprus would probably connect to the system for payments.
- Agreement
- Electronic Payment System arrangement between the two central banks
- Expected connection
- By November at the latest
- Northern Cyprus imports
- 70% of imports come from Türkiye
- Forum
- Istanbul Economic Forum, held 8-9 October
Sources
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