Turkish Cypriots are going through difficult times and despite the measures to shore up their economy, reforms were needed, Turkish Cypriot leader Mustafa Akinci has said.
Akinci, who was speaking at an event in Nicosia on Wednesday, said austerity measures were introduced but everyone had to assume their responsibility so that the crisis would not only affect the poor.
The Turkish Cypriot leader said reform was needed in the public sector and corruption and money laundering must be stamped out.
The use of the Turkish lira in the north has created serious problems for Turkish Cypriots.
In the last six months, the value of the dollar against the Turkish lira has increased by 31 per cent, the euro by 26 per cent, and sterling by 21 per cent, accompanied by a corresponding rise in the price of nearly all imported goods.