The Central Bank of the Turkish Republic of Northern Cyprus (TRNC) has said that decisions taken as part of investigations under way in the Republic of Turkey have no direct connection with the activities of banks established in the north. The bank stressed that local lenders are financially sound and continue to operate without disruption.
In a written statement issued by its headquarters, the Central Bank said it felt the need to inform the public following press reports on the possible impact of those decisions on banking activities in the country.
The statement recalled that banks established in the TRNC operate under the supervision and oversight of the Central Bank within the framework of TRNC legislation. "Our banks have an extremely strong financial structure and continue to provide all banking services without interruption," it said.
The Central Bank added that, although there is no need as of today, it will provide all kinds of support to banks if required.
It also emphasised that developments are being closely monitored and that the necessary measures are being taken to protect the rights and interests of depositors and to maintain financial stability.
