Northern Land Cyprus - For the Quality Life - Properties in North Cyprus Famagusta Iskele Bogaz and Karpaz

The currency in Turkish Republic of Northern Cyprus is Turkish Lira (TL in short) and exchange rates are fixed on a daily basis by the Central Bank of Northern Cyprus. Because of the close ties to Turkey, banking in North Cyprus is modelled on th Turkish system.

The banking system has been modernised and re-structured over recent years because of increasing tourism and economic growth. The Central Bank takes responsibility for monetary, credit and exchange policy, and acts as banker to the government.

Transfers of funds, including those in foreign currencies, are allowed both by private individuals and companies. Alongside Turkish and Turkish-Cypriot banks, the HSBC has branches in all cities of Northern Cyprus.