North Cyprus Central Bank to seize millions left dormant in forgotten bank accounts if not claimed within one year

Lefkoşa, Cyprus (August 4, 2025) — The Central Bank of the Turkish Republic of Northern Cyprus (TRNC) has issued a public notice regarding dormant bank accounts that have seen no activity for over a decade. 

The funds in question total approximately 1.9 million Turkish Lira, $214,000 USD, €434,000, and £394,000 GBP.

Unless rightful owners come forward within one year, the money will be transferred to the Savings Deposit Insurance and Financial Stability Fund (TMSF), in accordance with Article 36(1)(C) of the Banking Law No. 62/2017, dated November 17, 2017.

Published Lists and Inactivity Explained

The Central Bank published the lists of inactive accounts in the Official Gazettes dated July 29, 2024 (Issue No. 157) and February 21, 2025 (Issue No. 39), which included balances exceeding 10% of the monthly minimum wage.

The latest data, published on July 29, 2025 (Issue No. 153), covers accounts last active in 2014 or earlier.

Breakdown of Dormant Funds

Currency	No. of Banks	No. of Account Holders	Total Amount
Turkish Lira	21	368	₺1,995,000
US Dollar	17	134	$214,420
Euro	18	129	€434,283
British Pound	19	270	£394,439

 

Why Are These Accounts Forgotten?

The Central Bank attributes the inactivity to several common causes:

1. Death of Account Holders: Heirs may be unaware of the deceased’s accounts or fail to present necessary documentation to banks.

2. Forgotten Small Accounts: People may have lost track of accounts opened years ago with small deposits.

3. Unclosed Accounts: Some users mistakenly assume accounts are closed, leaving behind minor balances.

4. Inactive Corporate Accounts: Accounts opened by now-defunct businesses or inactive institutions may be left unattended.

5. Communication Failures: Outdated contact information can prevent banks from reaching account holders with warnings or reminders.

Legal Deadline

As per the law, if no claim is made within one year of the announcement in the Official Gazette, the balances will be permanently transferred to the TMSF.

However, rightful claimants may still retrieve their funds by contacting the Central Bank within the deadline and providing the necessary documentation.

For more information or to check if your name appears on the list, individuals are advised to visit the Central Bank’s official website or contact their financial institution directly.