The use of credit cards has risen from 265 million TL (€67.6 million) in 2015 to 324 million TL (€82.6 million) in 2016 an icrease of 22.5%.
According to the Turkish Cypriot central bank reports, Turkish Cypriot credit card debt takes fourth place in the total 11.9 billion TL owed by Turkish Cypriots.
Ex head of the Banks Union in the north and current head of Nova Bank Bulent Berkay has told Turkish Cypriot media that the use of credit cards has raised simultaneously with consumers’ debt levels. “This mirrors problems of a social dimension. Every passing year Turkish Cypriots are using their credit cards even more,” added Berkay.
Meanwhile, the Turkish Cypriot Chamber of Shopkeepers and Artisans has complained of sales dropping by 70% saying that consumers prefer to use their credit cards rather than cash. The head of the chamber, Mahmut Kanber told Turkish Cypriot Media that this way the market is not being injected with fresh cash.