The Turkish Cypriots are watching with concern the developments in the Turkish economy and the deep monetary crisis. How does it affect them in their daily lives?
The Turkish Cypriot community is in a growing social turmoil due to the currency crisis and the collapse of the value of the Turkish pound. The Turkish Cypriot economy, which is completely dependent on the Turkish economy, is receiving new blows every day, while the so-called state structures can not react in any way to Erdogan’s fiscal policies.
Nevertheless, various impossible scenarios and proposals for overcoming the crisis are being made public every day, such as the proposal of the Turkish Cypriot opposition to use the euro and the proposal of business associations to change the currency of trade with Turkey, which until today they are made in dollars.
Wage reductions and price increases
The devaluation of the Turkish pound primarily affects wages in the Turkish Cypriot community. Indicatively, the minimum wage in the occupied territories, which is currently at 4,324 Turkish pounds, lost ¼ of its value, since in September it translated to 455 euros, while today to 360 euros. At the same time, the price of fuel has doubled, while the price of medicines and products, such as bread and coffee, has doubled.
However, the turmoil in the Turkish Cypriot community over the consequences of the currency crisis in Turkey has not yet turned into a wave of mass protests, as salaries and pensions have been paid properly.
However, this cannot be considered certain for the month of December and the 13th salary, unless the Turkish government “donates” the Turkish Cypriot economy with more funds. It is noted that the Turkish Cypriot community is entering a pre-election period, since “parliamentary” elections will be held on January 23.
DW / Loukianos Lyritsas, Nicosia
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