| Banking |
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Commercial banks in
Northern Cyprus are of two kinds. There are banks
which are branches of large organisations based
in Turkey, and local banks. Many of these banks
have correspondents in other countries. Transactions
can be carried out in all leading currencies. The
Central Bank of Northern Cyprus is responsible for
the monetary, credit and exchange policy, and acts
as banker to the government. Banking hours for the
public: 8:30 a.m. - 2:00 p.m. in summer. On Mondays
also open from 3:00 - 6:00 p.m.
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| Cost of Living |
|
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Compared with most countries
in Western Europe, the cost of living in Northern
Cyprus is low. Locally produced products or those
produced in Turkey are generally cheaper than thier
European counterparts. However, goods imported from
Europe tend to tend to be higher in price than their
country of origin. Very cheap are cigarettes and
alchohol.
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| Credit Cards |
|
|
The use of credit cards
is increasing in Northern Cyprus, but visitors are
advised not to rely on them as their only financial
resource as the majority of establishments still
do not have the facilities to accept them.
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| Currency/Exchange Rates |
|
|
The legal tender of Northern
Cyprus is the Turkish Lira. As exchange rates change,
daily to the visitior's advantage it is advisable
not to buy large amounts of the currency before
embarking on your holiday. Most shops will also
be quite happy to accept major foreign currencies.
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| Economy |
|
|
Development activities
in Northern Cyprus are carried out according to
economic planning in accordance with the constitution.
In Northern Cyprus, tourism plays a large role followed
by tertiary studies, industry, agriculture, transportation
and health sector respectively. Ont of the most
important steps of the structural change to spur
the economic development in Northern Cyprus is privatisation
of state owned industries.
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| Foreign Investment |
|
|
Investing in Northern
Cyprus` banks can be highly lucrative as interest
rates on foreign currencies tend to be much higher
than those in Europe. There are also an increasing
number of off-shore banking opportunities opening
up which visitors may be interested in looking into.
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| Produce & Product |
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Carobs, Carpet weaving,
Hellim, Lefkara ambroidery and lace, Nuts, Olives,
Tobacco, Wicker basket weaving
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