The Central Bank of the Turkish Republic of Northern Cyprus has raised interest rates

The Board of Directors of the Central Bank of the Turkish Republic of Northern Cyprus has reviewed interest rates. The regulator raised the interest rate applied to deposit accounts in Turkish lira, as well as the annual interest rates on rediscount and advance operations in Turkish lira.

According to a statement from the Central Bank of the Turkish Republic of Northern Cyprus, the interest rate applied to deposit accounts in Turkish lira, subject to interest at the Central Bank, regardless of their maturity, has been increased from 36 to 46 percent annually.

The discount rate, which will be applied in rediscount operations by the Central Bank in exchange for commercial bills issued in Turkish lira, will be increased from 50 to 60 percent per year.

In exchange for bills from the industrial, export, tourism, education, and agricultural sectors, rates will rise from 42.75 to 52.75 percent per year.

The discount rate for small trade bills will increase from 40.75 to 50.75 percent per year, and the interest rate on foreign currency advance operations has increased from 42 to 52 percent.

The new tariffs will come into effect from today.

Recall that last week, the Central Bank of Turkey raised the key rate from 45% to 50%. This is the highest rate since 2003.

Earlier, the Central Bank of the Turkish Republic of Northern Cyprus published a bulletin for the fourth quarter of 2023. It contains statistical data and assessments of the economy and the banking sector.