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NORTH CYPRUS ECONOMY AND FINANCE

Economy
Foreign Investment
Banks

Economy
Liberal economic system has been adopted in the Turkish Republic of Northern Cyprus. Under this system the promotion of the private sector with limited government intervention, the rational use of natural resources, the encouragement of investments that generate high value added and employment preserve their priority and importance.

The Gross National Product has been 651,380,055 million TL (1,039.9 US$ million) at current prices of 2000. In terms of their contribution to GNP the four most important sectors are public services, trade-tourism, transport- communication and industry. The shares of these sectors in GDP have been 16.4%, 16.4%, 12.3% and 12.2% respectively in the year 2000. The share of agriculture was 7.9% for the same year.

GNP per capita has been 4,978 US$ in 2000 which indicates that the Turkish Republic of Northern Cyprus is in the category of middle income country group.

The Turkish Republic of Northern Cyprus has a well trained work force. The educational system of high standarts in the Turkish Republic of Northern Cyprus aims to develop the abilities of all individuals. There are 13 technical and vocational high schools and 8 higher education institutions. Five of these higher education institutions offer instruction in English. The working population was 89,327 in 2000 which constituted 42.7% of the total population. According to the sectoral distribution of the working population, public services occupied the biggest share which was 20.2% of the total employment in 2000. The share of the other sectors in total employment in 2000 were as follows; agriculture 17.1%, construction 15.8%, business and personal services 14.6%, trade-tourism 10.8%, industry 9.7%, transport-communication 9.1% and financial institutions 2.7%. There isn’t acute unemployment in the Turkish Republic of Northern Cyprus. The official unemployment rate has been 1.6% for the year 2000.

The rate of inflation in the Turkish Republic of Northern Cyprus is measured by the Retail Price Index which is based on the results of Household Consumption Expenditure Survey. The last survey was conducted in the years 1998-1999 and was introduced as from January 2001. Changes in the indices show that a high rate of inflation has been prevailing in the Turkish Republic of Northern Cyprus. The changes in Retail Price Index for the years 1998, 1999 and 2000 have been 66.5%, 55.3% and 53.2% respectively.

The economy of the Turkish Republic of Northern Cyprus has the peculiarities of an island economy with limited resources so foreign trade emerges as the major sector of the economy. The Turkish Republic of Northern Cyprus has adopted a liberal trade policy and practices no discrimination against any foreign country. She has established trade relations with more than 60 countries all over the world. The volume of foreign trade has been 475.3 million US$ of which 89.4% constituted the total imports in the year 2000. Export earnings met only 11.9% of the total imports and the trade deficit realized as 374.5 million US$ in 2000.

The export shares of the main groups in total exports are as follows: ready- made clothing 38.3%; citrus fruit 26.6%; processed agricultural products 24.2%. The import shares of the leading groups in total are as follows: machinery and transport equipment 29.6%; manufactured goods classified mainly by materials 21.4%; food and live animals 14.3%; mineral fuels, lubricants and related materials 10.5%; chemicals 8.2%.

Foreign Investment
Encouragement of foreign investment is among the primary objectives of the Turkish Republic of Northern Cyprus` development policy. Consequently those wishing to invest in the Turkish Republic of Northern Cyprus can be sure of a positive Government attitude.

In accordance with its development policy Northern Cyprus is giving preferential treatment to export-oriented industries. Due to its small domestic market the Turkish Republic of Northern Cyprus authorities geared to export markets and they readily grant approval for foreign investment of such kind. Government policy also encourages capital / technology - intensive projects. Priority is given to those projects that facilitate transfer of modern technology, know-how and new management techniques into the Turkish Republic of Northern Cyprus.

Co-operation between local and foreign firms in the form of joint ventures is actively promoted, and Northern Cyprus offers numerous advantages and incentives to the foreign investor including full protection of his property rights. Nationalization has never been part of government policy nor is it contemplated in the future. The Constitution of the Turkish Republic of Northern Cyprus guarantees the right of private property while it does not discriminate between citizens and aliens

Banks
Asbank Ltd
    • Adress: Mecidiye Sok. No: +90 392 8 PK: +90 392 448 Nicosia
    • Telephone: +90 392 2283023
    • Fax: +90 392 2281244

KKTC Kalkinma Bank
    • Adress: 27 Cengiz Topel Sok. Koskluciftlik, Nicosia
    • Telephone: +90 392 2288440

KKTC Merkez Bank
    • Telephone: +90 392 2283216

Kooperatif Bank
    • Adress: 88. Bedreddin Demirel Cad.
    • Telephone: +90 392 2271071

Kibris Iktisat Bank
    • Adress: 151 Bedreddin Demirel Cad. PK: +90 392 770 Nicosia
    • Telephone: +90 392 2285300
    • Fax: +90 392 2281311 / 2285822
    • Email: [email protected]

Kibris Kredi Bank
    • Adress: 5-7 Iplik Pazari Sok. Nicosia
    • Telephone: +90 392 2283023
    • Fax: +90 392 2276999

Kibris Turk Kooperatif Merkez Bank
    • Adress: Mahmutpasa Sok. Nicosia
    • Telephone: +90 392 2283207
    • Fax: +90 392 2272079 / 2272435 / 2276787

Kibris Vakiflar Bank
    • Telephone:+90 392 2283212
    • Fax: +90 392 2288030

Limasol Turk Kooperatif Bank
    • Adress: 9-11-13 Mecidiye Sok. Necati Özkan Binalari Nicosia
    • Telephone: +90 392 2280333 / 2284338
    • Fax: +90 392 2284337

Ziraat Bank
    • Adress: Girne Cad
    • Telephone: +90 392 2283050
    • Fax: +90 392 2282401 / 2288609

Turkiye Is Bank
    • Adres: 9 Girne Cad.
    • Telephone: +90 392 2283133

 
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