The Turkish Cypriot economy is badly hit following the meltdown of the Turkish lira. Being an import oriented economy based on services, economy in the north was already fragile due to the pandemic. The depreciation of the Turkish lira affected northern part of the island even more than Turkey since the slider at the volume of trade is almost maxed on the import side, whereas the Turkish Cypriot exports are almost non-existent. In this episode of Nicosia Uncut, Andromachi Sophocleous and Kemal Baykallı also talk about the EU’s Green Line Regulation which regulates the crossing of people, goods and services across the division line and the EU-aid to the Turkish Cypriots. Long queues at the crossing points continue and sides fail to develop effective remedies to allow easy crossing across the line. In the meantime, RoC’s unrealistic expectations to implement EU sanctions on Turkey collapsed in Brussels.
Nicosia Uncut – Episode 33: TCs hit by currency, RoC’s illusions on EU sanctions collapsed (20/12/2021)