CYPRUS

Cards denied in occupied territories

Cards denied in occupied territories

The prevalence of retail traders and services unwilling to accept credit cards is on the rise in the occupied territories of Cyprus, warns columnist Jenq Mutluyakali in an article at the Yeni Duzen newspaper.

Mutluyakali emphasizes the inconvenience faced by those who rely solely on credit cards for transactions in this evolving landscape. As the underground economy gains traction in the Turkish-occupied part of Cyprus, more businesses are opting for cash-only transactions, making daily life less convenient for consumers. Even professionals like doctors and lawyers are requesting cash payments.

He highlights the diminishing allure of modern conveniences as the Turkish lira’s value continues to erode, necessitating the carrying of larger sums of cash daily.

In parallel, the Kibris Post website reports on inflation figures for August, citing a “statistical agency.” According to their data, inflation in the occupied territories has surged by over 80% over the past year.

The general consumer price index reflects an 8.14% increase compared to the previous month, a 58.46% rise since December of the previous year, and a substantial 80.9% annual increase. 

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