The Turkish Republic of Northern Cyprus’ economy is becoming more self sufficient.
According to the 2017 figures of the TRNC Central Bank, the local revenues met 83% of all expenses.
The TRNC Central Bank issued a bulletin which gave room to the general outlook of the world economy, the TRNC economy and the daily statistical data and evaluations regarding the banking sector.
According to the bulletin, the TRNC Budget with a better performance in 2017 compared to 2016 had a surplus of 78.5 million TL.
The bulletin also indicated that there has been a 27% increase in the deposit money of the 21 banks operating in the TRNC and a 20% increase in the gross credits.
According to the data in the bulletin, the TRNC Budget performed better in the 2017 Fiscal Year than in 2016.
Accordingly, the TRNC budget which had a surplus of 20.9 million TL in 2016, with a 22% increase in 2017 had a surplus of 78.5 million TL.
The figures also showed that the total local revenues when recalculated by taking out the donations and credits supplied by Turkey from the budget have met 83% of all expenses.
Meanwhile, the inflation rates in 2017 had reached the highest levels in recent years.