The Central Bank of the TRNC has published a bulletin for the fourth quarter of 2023

The Central Bank of the TRNC has published a bulletin for the fourth quarter of 2023. It contains statistical data and assessments of the economy and the banking sector.

According to the published data, the equity capital of the banking sector increased by 81.27% compared to the same period last year by the end of 2023. Although the demand for loans continues to decline, as of December 2023, 83.97% of deposits were made in foreign currency, with the remaining 16.03% in Turkish lira.

As of December 2023, business loans amounting to 63,900.2 million Turkish lira ranked first among types of loans, followed by consumer loans totaling 15,768.8 million Turkish lira.

The number of passengers arriving in the country by air and sea transport increased by 36.3% compared to 2022, reaching 1,854,490 people. The number of people, excluding TRNC citizens, entering the country through land borders increased to 4,672 thousand. In 2022, this figure was 3,484,382 people.

Sectors with the highest annual price growth at the end of December 2023 were education - 116.63%, restaurants and hotels - 111.95%, communication - 111.93%, and healthcare products - 96.09%. The lowest price growth for the year was observed in the category of food and non-alcoholic beverages - 64.35%.

The largest share in the change in the number of insured persons with work permits from 2020 to 2023 was held by citizens of third countries. The proportion of employees registered in third countries in the total number of insured employees, which was 3.6% in 2008, increased to 18.2% in 2023.

The inflation rate in the TRNC in the fourth quarter of 2023 compared to previous months was 1.92%, 4.42%, and 5.44% in October, November, and December, respectively. The annual inflation rates were 78.60% in October, 81.99% in November, and 83.63% in December.

Budget revenues and expenditures in the 2023 fiscal year amounted to 38,333 million Turkish lira and 38,596 million Turkish lira, respectively, and the budget deficit, which was 248.8 million Turkish lira in 2022, increased by 5.7% to 263 million Turkish lira.