Economy of Northern Cyprus

Historical Turkish banknote up for sale

A first-emission 1,000 Turkish Lira banknote which was printed in the U.K. in 1927 was put up for sale at an online auction with an opening price of 800,000 Turkish Liras (nearly 60,000 dollars).

The banknote features a portrait of Mustafa Kemal Atatürk, founder of modern Turkey, on the front and an image of the Geyve strait section of the Sakarya railway line on the other side.

We are taking steps to protect our people from high inflation: Erdoğan

We are taking steps one by one which will protect our people from high inflation and high cost of living, President Recep Tayyip Erdoğan said on Jan. 31 after the Presidential Cabinet meeting.

The raises in employees' incomes, including the minimum wage, public servants' salaries and pensions, are among those steps, he added. 

Central Bank intervenes in ‘unhealthy’ FX pricing

The Turkish Central Bank intervened in foreign exchange markets for a third time this month on Dec. 10, citing "unhealthy price formations."

"The Central Bank of the Republic of Turkey directly intervenes in the market via selling transactions due to unhealthy price formations in exchange rates," said the bank.

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