Turkish Cypriot ‘prime minister’ Unal Ustel on Friday announced plans for the north to create its own credit card system.

Speaking at a joint press conference with Turkish Vice President Cevdet Yilmaz, he said the system will be entirely local and “will only be valid in the TRNC”.

“Supporting this card with campaigns will accelerate cash flow in the domestic market and create commercial vitality. Our work on this matter is continuing with both the government and all stakeholders,” he said.

Existing credit card systems include household names such as Visa and Mastercard, with other major players including China’s UnionPay, Diners Club International, Indian domestic payment network RuPay, and Russian network Mir.

Since 2016, Turkey has also had its own credit card system, named Troy.

Troy credit cards can be acquired from a number of high profile Turkish financial institutions, including AkBank, DenizBank, Garanti BBVA, HalkBank, KuveytTurk, Teb, YapiKredi, and Ziraat Bank.

They can be used on machines on their own network, as well as on machines belonging to Diners Club International and American network Discover.

In September last year, Ozan Deniz, the general manager of the Interbank Card Centre (BKM), which created Troy, said that more than 67 million Troy cards have been issued, and that 20 per cent of card transactions in Turkey – around 40 million transactions per day – now take place with Troy cards.

He also explained the benefit to Turkey of having its own card system, saying that “with Troy, the money that used to leave our economy through commissions now stays in Turkey”.

Looking ahead, he said his long-term goal is “to carry this success beyond our borders”, and that as such, “we are working on the export and acceptance of Troy abroad, starting with nearby regions and the Turkic states”.