Bi-communal Committee in Cyprus Looks for Solutions to Withdraw Damaged Euros from the TRNC

The bi-communal technical committee on economic and trade issues is exploring ways to withdraw damaged euro banknotes that have accumulated in the Turkish Republic of Northern Cyprus (TRNC). One option being considered is through the Central Bank.

In an interview with the Cyprus News Agency, Mantos Mavrommatis, the Greek Cypriot co-chairman of the committee, explained that a significant amount of such banknotes has piled up in the TRNC. The committee is seeking a legal, straightforward, and practical solution to remove them.

Mavrommatis also pointed out that the biggest challenge the committee faces is the “effort by the Central Bank of Cyprus to exchange the damaged euro banknotes held in the Turkish Cypriot community.”

Additionally, the committee is considering the involvement of both Greek Cypriot and Turkish Cypriot companies in a planned solar park in the buffer zone, a project supported by the European Commission. They are also looking into recycling used electrical appliances from the occupied areas. In the past, the committee proposed transporting and recycling these items at facilities in the Republic of Cyprus. However, such a system does not exist within the Turkish Cypriot community.

The committee is also focused on expanding support for trade across the Green Line and taking other measures that could potentially bring the two business communities closer together.

“I want to remain optimistic and hope that we will see positive changes in the near future on this issue,” said the committee co-chairman.