Northern Cyprus Currency

Currency of Northern Cyprus - The currency is the Turkish Lira...in 2005 Turkey and Northern Cyprus knocked off a whole load of zeros from the currency and the NEW Turkish Lira was born!  Exchange rates fluctuate but on the whole the currency is now very stable. The Cyprus pound is now considered to be a foreign currency and is subject to foreign exchange regulations, but is used as a parallel-market trading currency together with British pound and US dollar. 

If you arrive with just sterling, euros, US dollars or even Cyprus pounds you’ll find that most business owners will happily take the currency and give you any change in Lira.  Some people even try to confuse the situation by paying in about three different currencies - don’t worry, the business owner won’t mind too much but the person behind you in the queue might!  You’ll probably get better exchange rates at any of the many banks and exchange offices in Northern Cyprus though.

Credit Cards & Cash Point Machines

The larger shops, businesses and restaurants will usually accept most major credit cards but you will likely be charged a small fortune in commission.  There are many cash point machines all over the main towns in Northern Cyprus from which you can draw cash with all major credit cards as well as Switch, Maestro and the like.  It is mainly a cash economy and if you’re making a large purchase you’ll get a better deal if you pay in cash.

Turkish Lira Brief History

It was in 1879 when the British on the island started to use Cyprus Pound (CYP) as an official currency. Later in 1983 it was divided into 100 cents and in the same year the Turkish Republic of Northern Cyprus (TRNC) was established launching its own currency, Turkish Lira. Today it is referred to as old Turkish Lira and it ceased its validity on 31st December 2005. The New Turkish Lira (YTL - Yeni Türk Lirasi) that came out of old Turkish Lira clearing away the zeros has been the current legal tender of the TRNC and Turkey since its issue on January 1st 2005. The currency suffered mostly in 1994 due to the inflation. At present unit of 1 YTL is equivalent to 1 million of old Turkish Lira.

Banknotes: 100, 50, 20, 10, 5, 1 YTL (Yeni Türk Lirasi)
Coins: 1 YTL and 50, 25, 10, 5, 1 new kurus (cents)

Turkish Lira Pictures:

When in Northern Cyprus you can pay with hard currencies like UK sterling, Cyprus pound, US dollar or euro. All these currencies are widely used in shops, hotels and restaurants, or can be easily exchanged. British Pound is however, the best form of currency to bring. Turkish Lira is not recommended to bring since the exchange rates are much better in Northern Cyprus. The current unit 1 YTL is equally value to GBP £0, 42 or EUR €0, 61.

If you feel uncomfortable carrying large amounts of cash, then you can bring euro cheques and traveller cheques. They are accepted and easily exchanged in banks, exchange bureaux and hotels.

Widely acceptable and practical, you can pay with plastics in stores, restaurants, supermarkets or petrol stations. From ATMs (automated teller machines) cash can be withdrawn at any time, although with some bank charges applied. Do not forget your pin number. You will find plenty of ATMs in Northern Cyprus as they are studded in bigger cities like Northern Nicosia, Famagusta and Kyrenia.
Credit cards are widely accepted in stores, restaurants, supermarkets or petrol stations. From ATMs (automated teller machines) you can withdraw cash at any time, although bank charges may be applied. You will find plenty of ATMs as they are scattered over in bigger cities like Northern Nicosia, Famagusta and Kyrenia.

Practicality

At present there are no strict controls on the quantity of cash or traveller’s cheques imported into Northern Cyprus but you should leave with as few Turkish Liras as possible, as they are worthless outside Northern Cyprus or Turkey. While no restrictions are placed on imports of foreign exchange, large amounts should be declared to customs upon entry. Up to $10,000 may be exported.

Northern Cyprus Bank Services

All types of bank services are provided in Northern Cyprus and they are flexible enough to satisfy the continually diversifying needs of the business community. In recent years banks in Northern Cyprus have expanded their activities beyond traditional banking and their services include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. They have also developed new products and services through electronic means or electronic access (online banking), using alternative distribution channels such as the internet, call centers, etc.

Banking in Northern Cyprus developed out of Turkish system on which Northern Cyprus has been recently much dependent and has been having close ties with. Since its independence in 1983 and due to the tourism and economy growth in last few years Northern Cyprus banks adopted, however, inevitable changes and a modern structured banking system. Besides Turkish-based and local Turkish-Cypriot banks, in Northern Cyprus operate affiliate branches of international banks such as HSBC. Most of the banks in Northern Cyprus are private. The Central Bank of the TRNC takes responsibility for monetary, credit and exchange policy, and acts as banker to the government. Northern Cyprus banks are generally open from Monday to Friday, except public holidays, between 08.00-12.00 and 14.00-16.00.

About Northern Cyprus Banking

Banking in Northern Cyprus can seem quite difficult at first but once you see your options you will be more relaxed. Most expatriates seem to like HSBC due to their familiarity with it and brand name recognition. But there are other options that are just as reliable and trustworthy. Just remember to apply the same amount of skepticism here as you would else where . After all this is Northern Cyprus and things are more laid back but that still does not mean that you should bank your life savings at Uncle Toms First Mutual Bank.

Cards

Almost all cards are accepted in Northern Cyprus . Visa, MasterCard, and Discover cards are welcome at almost every shop and restaurant in Northern Cyprus and can be used in many ATMs to withdraw money. However, as of late American Express cards have seemed to become pretty useless in Northern Cyprus . Only one or two banks have a deal with American express and as such only shops or restaurants that have that swipe machine will accept an American Express Card. Only please note that the swipe machine is not at the main checkout register. If the checkout clerk does not know please ask them to try the one near the perfume/electronics section (it is on the right on your way out, by the carts). Applying for a card is a pretty hassle free process although depending on what type of card you apply for it can take up to a month for it to be delivered. In most cases these cards are sent here from Turkey. Please do not rely entirely on your credit cards as some establishments still do not have the facilities to accept them. Crime rate in Northern Cyprus is almost at zero level. If money or other belongings are stolen, the case is most commonly related to tourists.

Cheques

If you feel uncomfortable carrying large amounts of cash, then euro cheques and traveller cheques are accepted and easily exchanged in banks, exchange bureaux and hotels across Northern Cyprus . Cheque books are recommended to bring if you want to buy a property in Northern Cyprus.

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