North Cyprus: The businesses are worried

Business News Breaking News Cyprus

Our members are going through tough days

Recession

Mahmut Kanber, head of the Turkish Cypriot Chamber of Artisans and Shopkeepers (KTEZO) warns the crisis will deepen if the necessary economic conditions are not created before the reopening of the sectors.

Kanber said the devaluation of the Turkish Lira against foreign currencies continues. Almost everything is imported into the country, which is calculated on US dollars.

The coronavirus pandemic also revealed ‘opportunists’ in the country, and as a result, the price of everything has gone up. “Our members are going through tough days,” Kanber added.

He said 80 per cent of the 10,000 businesses were currently closed. “As KTEZO, we proposed the cabinet to continue providing salary support to businesses which will re-open together with deferrals of mandatory payments,” Kanber said, adding if the cabinet does not take on the responsibility, the economic crisis will become worse.

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