Central Bank of TRNC Earned Over 5 Billion Lira Last Year

The Central Bank of the Turkish Republic of Northern Cyprus (TRNC) has published its activity report for 2023, revealing a profit of 5 billion 291 million Turkish lira. The report shows that the bank's total assets increased by 102.5% at the end of 2023 compared to the end of the previous year, reaching 107,365.2 million Turkish lira.

The bank stated that regulatory and auditing activities will continue in 2024.
“In 2023, the TRNC continued efforts to align banking sector legislation with international standards, use policy tools to support the economic development of our country, and protect the rights and interests of citizens," the statement from the regulator said.

It was also noted that five communiqués with amendments were issued and enacted last year based on the powers granted to the bank by the Banking Law and the Consumer Credit Law.

In 2023, by the decision of the bank's Board of Directors, protection was requested for seven banks and one international banking division. As a result, the review process for three of them was postponed to 2024, two banks and one IBD received warnings, and two banks were fined administrative penalties.

As of the end of 2023, the Central Bank of TRNC employed 117 staff members.