North take out loans to pay 13th salaries - Paphos Investments

North take out loans to pay 13th salaries

North take out loans to pay 13th salaries

Authorities in the north have had to take out two loans to pay 13th salaries and pensions, it emerged on Monday.

The ‘finance ministry’ took a loan of €138m and the ‘labour ministry’ a larger loan of €158m to pay employees their mandatory 13th salary and pensions to the retired portion of population, the Cyprus News Agency reported.

Meanwhile, the economy was said to be high on this month’s ‘parliamentary’ election campaign of all eight political parties.

The news came about a week after a mass protest by Turkish Cypriot trade unions over the worsening economic situation in the north.

Organisers criticised the Turkish Cypriot authorities for not taking measures to protect salaries and pensions from the freefall in the value of the Turkish lira.

They also demand that the cost of living reflects salaries and a currency that will protect people’s purchasing power.

Turkish Cypriots are experiencing a huge drop in their purchasing power due to the steep rise in prices on essential items as a result of the devaluation of the Turkish lira.

The currency is now getting slightly stronger but is still much weaker compared with recent years. One euro is now around 14.82 Turkish lira, an improvement from two weeks ago when one euro would get 18 lira.



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