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Turkish Cypriots continue to spend despite fall in Turkish lira

June 12, 2018 at 4:45pm
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Turkish Cypriots are continuing to shop in the government-controlled areas of  Cyprus, despite the significant drop in the value of the Turkish lira against the US. dollar and the euro.

According to JCC the value of Turkish Cypriots’ credit card transactions was €1.601 million in May, up from €1.531 million in April. During the first five months of the year, the value of of Turkish Cypriots’ transactions in the government controlled areas totalled €8.334 million.

At the same time, the Greek Cypriots’ credit card transactions in the occupied areas were approximately at the same levels as the previous month.

JCC data indicated that credit card transactions accelerated in May 2018. More specifically, the total value of Cypriots’ domestic credit card transactions recorded a 28% increase  to €250.1 million in May, in part attributed to tax payments. The rise came on the back of a 12% increase in April.