The Turkish Republic of Northern Cyprus (TRNC) is spearheading a significant economic project by planning to launch its own proprietary credit card system. This strategic move, announced by TRNC 'prime minister' Unal Ustel, is designed to invigorate the domestic economy, boost internal cash flow, and cultivate greater commercial dynamism. The initiative represents a concerted effort to enhance economic self-sufficiency and resilience, moving away from reliance on external financial infrastructures.
In collaboration with Turkish Vice President Cevdet Yilmaz, the TRNC government is diligently developing this novel financial instrument. Preparatory work is reportedly in advanced stages, with new economic and financial cooperation protocols between the TRNC and Turkey anticipated for signing in February. These forthcoming protocols are expected to solidify the broader strategy of strengthening the TRNC's economic foundations and promoting sustainable development across various sectors.
Unal Ustel articulated the primary objectives behind the proposed credit card system, emphasizing its potential to invigorate the local market. He stated that supporting the card with extensive campaigns will accelerate cash flow and foster commercial vitality. The system is intentionally designed to be entirely localised, with cards intended for use exclusively within the TRNC. This deliberate geographical limitation aims to ensure that financial transactions and their associated revenues remain within the island's economy, mirroring the success of Turkey's Troy card system.
This development is not an isolated endeavour but rather an integral component of a wider economic partnership with Turkey, seeking to address systemic economic challenges and foster growth. By retaining financial transactions and their benefits domestically, the government hopes to create a more robust and self-sustaining economic ecosystem. The initiative is being developed collaboratively, involving both governmental bodies and a broad spectrum of stakeholders from the TRNC's business community, underscoring a commitment to widespread adoption.
The implications of this new credit card system are far-reaching for the TRNC's economic landscape. Beyond accelerating cash flow and stimulating commercial activity, the initiative signifies a crucial step towards greater financial autonomy. By reducing dependence on foreign credit card networks, the TRNC aims to mitigate capital outflow and cultivate a more insular and resilient economy, contributing to long-term economic strengthening.