TRNC, which adopted a free market economy, uses the Turkish lira as the official currency. The highest share in the gross national income is the service sector. Agricultural and industry sectors also support the service sector.
The economy of the TRNC is comprised of the service sector including Public, Trade, Education and Tourism sectors as well as small agricultural and manufacturing sectors. Tourism and education are vital for the economy.
North Cyprus provides a favourable and equal opportunities business environment to local and foreign investors with the advantage of its strategic location. The Turkish Republic of Northern Cyprus which has a developed infrastructure is an attractive location for investors and also provides various investment incentives with its high quality business environment. In addition, the small but fast-growing economy of North Cyprus provides many economic benefits to both local and foreign investors.
A young and skilled workforce is provided from the numerous universities and a high literacy rate is another advantage offered to investors. Turkey is the most important workforce source both in terms of being the closest neighbour and with the cultural and linguistic proximity. The TRNC Finance Ministry and the Ministry of Economy, Trade and Industry are directing the economic and financial policy of the country.
Those who wish to learn more about the TRNC economy can visit the State Planning Organization website. Information about investment opportunities and incentives in the TRNC can also be found on the website of the Cyprus Turkish Investment Development Agency.
Brief information about some other important institutions related to the TRNC Economy and the links that can be reached are as follows:
The aim of the Development Bank is to provide the necessary initiative that is needed to develop and improve various sectors of the TRNC Economy, to provide affordable interest rates, long-term credits and to contribute to the sustainable development of the TRNC Economy.
TRNC Central Bank is responsible for applying monetary-credit policy that will help the economic development, organizing and supervising the banking system, avoiding all kinds of banking transactions and applications which may cause considerable harm to the economy, protecting the rights of account owners and also ensuring to operate the credit system effectively in accordance with the development plans and annual programs.
The aim of the Cyprus Turkish Chamber of Industry is to help the development of the Cyprus Turkish industry and the current industrial enterprises within the borders of the TRNC in a planned and programmed way and also to ensure increasing and developing their productivity.
Working for the development and protection of the Turkish Cypriot Society’s commercial, industrial, touristic and agricultural activities, and supporting and giving advice to business people in these topics and also compiling and sending information and news on economic issues to relevant individuals, providing information requested by official authorities, and providing or making it easier to reach information requested by members needed in their occupational life.
Source: TRNC Public Information Office