Payments designated for the enhancement of schools and hospitals in the Turkish Republic of Northern Cyprus (TRNC) are to undergo conversion into foreign currency

A formally binding directive, promulgated in the venerable Official Gazette, delineates that payments allocated for tenders associated with the erection of state schools and hospitals – structures necessitating fortification against seismic activity and natural calamities – shall undergo conversion into foreign currency.

In consonance with this efficacious directive, the assessed expenses pertaining to the construction undertakings in state schools and hospitals, deemed insufficient in safeguarding against earthquakes or necessitating structural reinforcement, shall be denominated in Turkish lira and subsequently converted into foreign currency at the prevailing exchange rate of the Central Bank of the TRNC as of the date of report preparation.

In contemplation of the formulation of a Decree intended to mitigate the adverse repercussions of currency fluctuations, the tender price articulated within the tender documentation shall be appraised in foreign currency. Payments, however, will be disbursed in Turkish lira, computed in accordance with the exchange rate of the Central Bank of the TRNC as of the invoicing date.