Currency
The New Turkish Lira (YTL), which has been in circulation since 2005, is the legal tender. The official rates for the YTL are adjusted daily according to changes in international monetary markets. All foreign currencies are acceptable at trading/tourist outlets. Traveller’s cheques are accepted in banks, however, Sterling and Dollars can be used in bars, restaurants, even buying you’re shopping from the corner shop!Foreign Exchange The TRNC follows a flexible exchange policy. Foreign currency accounts can be opened with local banks, and foreign currency can be brought into the country and taken out through the banks without restriction or control, and the source of such income is not investigated. It should be noted that the government are actively encouraging the formation of offshore banks by foreign investors, and are offering incentives such as relatively low set-up capital, low corporation and income tax etc.Banking SystemAll types of banking services are provided and they are flexible enough to satisfy the continually diversifying needs of the business community. There are branches in many of the important trading centres of the world. Some banks, such as Turk Bankasi have branches in London. See www.turishbank.com Note: HSBC Bank has now opened branches in Nicosia and Kyrenia. Language
Turkish is the official language and English is the second language and is widely used and understood in official and commercial circles. There are several first-class Turkish language teachers available and some British residents avail themselves of their services.Cost of Living
Living costs in the TRNC are much cheaper than the UK and most of Europe.Consumer Markets
There is a wide selection of consumer goods of good quality. In addition to locally produced goods almost all foreign brands are available on the market. It can be estimated that the cost of food stuffs generally is about half the price of the UK, with items such as local brandy retailing at £1.20
