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Turkish Cypriots owe €4,854 per capita

Personal debt in the north has reached a total of TL 3.384 billion (€865 million) for 2016, with debt per capita standing at TL 19,000 (€4,854).

The figures represent a whopping 178.4% increase in personal debt since 2010.

According to data provided by the central bank authorities in the north, personal debt in 2010 per capita stood at TL 6,759. In 2011 it rose to TL 8,900, in 2012 to TL 10,013. Personal debt per capital figures take off in 2013 to reach TL 16,038. In 2014 personal debt per capita was TL 16,267 and in 2015 TL 17,818.

The supervisory authorities explained that they calculated the debt per capita using only figures for Turkish Cypriots (meaning those with identity cards), without including the numbers of other nationals living in the north as either long-term or short-term residents, as personal loans are only given to Turkish Cypriots.

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