The Central Bank has published a report for the first quarter of 2022, which includes the latest statistics and assessments of the TRNC economy and banking sector.

Development of the TRNC budget

According to the report, in the first quarter of fiscal year 2022, fiscal revenues amounted to TL 2,761 million and fiscal expenditures amounted to TL 2,656.3 million. Thus, in the first quarter of 2022, public finances showed a surplus of 104.7 million Turkish liras.

Dynamics of inflation in TRNC

In the first quarter of 2022, monthly inflation rates in the TRNC were 5.48%, 7.11% and 13.05% in January, February, and March, respectively.
In the first quarter of 2022, the annual inflation rate was 53.36% in January, 64.30% in February, and 83.19% in March compared to the same month of the previous year.

Development of foreign trade in TRNC

According to the foreign trade data published by the TRNC Board of Trade, in the fourth quarter of 2021, the volume of exports and imports amounted to 21.2 million and 900.7 million US dollars, respectively. In 2021, total exports amounted to 127.9 million USD, while total imports amounted to 2,259.9 million USD. In the fourth quarter of 2021, compared to the same period of the previous year, there was an increase in total exports by 14.6% and total imports by 137.8%. The three top commodities with the largest share in imports in 2021 were fuel with a 42.5% share, vehicles with a 5.82% share, and metal for construction industry with a 2.25% share.

Interest rate

At its meetings held in the first quarter of 2022, the Monetary Policy Committee has kept unchanged the weekly repo rate, which is the policy interest rate, at 14%.