TRNC Central Bank press release
In response to the current issues affecting the banking sector in South Cyprus, the TRNC Central Bank issued a press release on their website (www.kktcmerkezbankasi.org/) on 19th March 2013.
In summary, the press release states that, due to the fact that the TRNC do not have any assets related to the South Cyprus administration, it is not expected that the current issues affecting the banking sector in South Cyprus will have a direct effect on the TRNC banking sector. In light of this, the TRNC Central Bank has stated that it does not feel that any additional measures need to be taken in respect of the TRNC banking sector at this time, although they will continue to closely monitor the financial crisis currently affecting South Cyprus.
The TRNC Central Bank continue with their press release to state that, in order to continue to avoid the financial crisis currently affecting other countries, and to ensure the development of the TRNC economy and the stability of the TRNC’s banking sector, steps should be taken to update the regulations concerning the TRNC financial sector.