The official rates of exchange are fixed daily by the Central Bank and announced. Banks, foreign exchange bureaux and the Central Bank are free to fix different rates of exchange for the purchase and sale of foreign currency.
There is a developed banking system in Northern Cyprus. In addition to the Central Bank and the Development Bank there are 24 onshore commercial banks and 26 offshore banks. Banks are free to keep foreign currency, act as intermediary in import and export transactions, accept foreign currency savings, engage in purchase and sale of foreign currency, deal in bonds required to be paid in foreign currency, give foreign currency loans, engage actively in money and foreign currency markets and in compliance with international banking usage, to deal in every kind of foreign currency transactions.
In Northern Cyprus, numerous Turkish and Turkish Cypriot banks operate and they are open from Monday to Friday (except public holidays) between 08.00-12.00/14.00-16.00 hours. Turkish lira is used as the local currency. Exchanging all the currencies in banks, exchange offices and in hotels, is possible. Visa card, credit card, master and euro cards, checks etc. can be used in place of cash. |
