Greek Cypriots increase spending in North Cyprus as Turkish Lira continues to drop in value

About 21,129,000 Euros were spent in north Cyprus in 2019 by Greek Cypriots Credit card users. 

According to data issued by JCC Payments Ltd. in Lefkosa, north Cyprus, the spending shows an increase of 122 per cent compared to spending amounts in 2017. 

According to a report by Greek Cypriot daily ‘Politis’, the reason for the increased Greek Cypriot spending in north Cyprus is the currency crisis and the devaluation of the Turkish Lira.

In 2017, Greek Cypriot shoppers spent 9,491,000 Euros in the TRNC and 15,000,000 Euros in 2018, rising to 21,129,000 Euros in the TRNC in 2019.

The report adds that Greek Cypriots, spent 442,000,000 Euros in Turkey in 2017, 354,000,000 Euros in 2018 rising to 578,800,000 Euros in 2019.