By Stefanos Evripidou
TURKISH Cypriot industry has recorded huge losses as a result of Turkish lira (TRL) exchange rate fluctuations, according to press reports.
The daily Kibris reported yesterday that Turkish Cypriot industrialists recently made losses of around 30 per cent as a result of the weakening Turkish lira.
“The raw material in industry is purchased in foreign exchange, but the sales are carried out in Turkish Liras. This causes a great injustice,” said Turkish Cypriot Chamber of Industry chairman Ali Cirali.
Turkey’s Hurriyet Daily News said the central bank in Ankara has been struggling to contain the Lira’s precipitous slide in value against the US dollar, with investor confidence damaged by a corruption scandal shaking the government and the global impact of a cut in U.S. monetary stimulus.
Meanwhile, another Turkish Cypriot newspaper published an opinion poll conducted by the Cyprus Social and Economic Surveys Centre (KADEM) which revealed that nearly two thirds of households in the north were affected negatively by the economic crisis.
According to the poll, 61 per cent of households stated they are in a worse condition compared to five years ago, 27.1 per cent said they are in the same condition, while only 11.9 per cent said they are in a better condition.
The poll also revealed that households are having trouble paying their debts.