Northern Cyprus PM hints at dropping Turkish lira over record value loss

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Resigned Prime Minister Tufan Erhurman (AFP PHOTOS)

Turkish Republic of Northern Cyprus (KKTC) Prime Minister Tufan Erhürman announced on Tuesday that radical measures for the economy are being considered, hinting that they would adopt a currency other than the Turkish lira, the Diken news website reported.

The official currency of the KKTC is the Turkish lira, but purchasing or leasing vehicles and land can be done in British sterling.

“If we are experiencing certain problems beyond our control due to the value losses of the Turkish lira, then we need to discuss these issues openly with the Turkish Republic, and we have started to talk [with them],” Erhürman told a press conference.

While not foreseeing an economic crisis in northern Cyprus, he also raised concerns about increases in the price of gasoline as well as hikes in private school tuition, which are paid in foreign currencies.

One US dollar was valued at 4.66 Turkish lira at its highest point today, while the euro was valued at around 5.50 Turkish lira.

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