The depreciation of the Turkish Lira against the foreign currency has negatively affected producers in North Cyprus.
According to Bağımsız News, producers whose input expenses are indexed to the foreign currency are trying to work out how to deal with the negative situation.
Head of the Cyprus Turkish Farmers Union Mehmet Nizam stated that the input costs of producers are indexed to the foreign currency and that there are serious problems due to the decline of the TL against the foreign currency.
Nizam said that the government needs to take necessary measures.
Meanwhile, the Head of the Cyprus Turkish Animal Breeders Association Mustafa Naimoğulları who also spoke on the issue said that all the inputs of animal producers are indexed to foreign currency, adding that producers have gone bankrupt.
Naimoğulları said that producers are experiencing financial problems to replace stock as they are selling their products in Turkish Lira (TL), but are purchasing in foreign currency. Naimoğulları announced that a protest action will be on the agenda.
Related Posts
Half a million Gazans face ‘catastrophic levels’ of hunger: UN agency
Families often don't receive the full rations and frequency they need,’ WFP says Almost half a million people in the Read more
2024 could be world’s hottest year as June breaks records
Last month was the hottest June on record, the EU’s climate change monitoring service said on Monday, continuing a streak Read more
