**NICOSIA** – The Turkish Republic of Northern Cyprus (TRNC) is embarking on an ambitious economic project, planning to introduce its own proprietary credit card system. The initiative, announced by TRNC 'prime minister' Unal Ustel, aims to bolster the domestic economy, stimulate internal cash flow, and foster greater commercial dynamism within the self-declared state. This move signifies a strategic effort to enhance economic self-sufficiency and resilience, moving away from reliance on external financial infrastructures.
The TRNC government, in conjunction with Turkish Vice President Cevdet Yilmaz, is actively engaged in developing this novel financial instrument. Discussions and preparatory work are reportedly in advanced stages, with new economic and financial cooperation protocols between the TRNC and Turkey anticipated for signing in February. These protocols are expected to underpin the broader strategy of strengthening the TRNC's economic foundations, promoting sustainable development across various sectors, including infrastructure, manufacturing, employment, and investment.
Unal Ustel articulated the core objectives behind the proposed credit card system, emphasizing its potential to invigorate the local market. "Supporting this card with campaigns will accelerate cash flow in the domestic market and create commercial vitality," he stated, highlighting the direct impact envisioned on everyday commerce. The system is designed to be entirely localised, with cards intended for use exclusively within the TRNC. This geographical limitation is a deliberate feature, intended to ensure that financial transactions and associated revenues remain within the island's economy. The government believes this will mirror the success observed with Turkey's own Troy card system, which has demonstrably helped to retain commissions domestically, preventing them from flowing to international providers.
The development of this local credit card is not an isolated endeavour but rather an integral component of a wider economic partnership with Turkey. This collaboration seeks to address systemic economic challenges and foster growth. By keeping financial transactions and their associated benefits within the TRNC, the government hopes to create a more robust and self-sustaining economic ecosystem. The initiative is being developed collaboratively, with ongoing work involving both governmental bodies and a broad spectrum of stakeholders from the TRNC's business community. This inclusive approach underscores the commitment to ensuring the system's viability and widespread adoption.
The implications of this new credit card system are far-reaching for the TRNC's economic landscape. Beyond the immediate acceleration of cash flow and the anticipated surge in commercial activity, the initiative represents a significant step towards greater financial autonomy. By reducing dependence on foreign credit card networks, the TRNC aims to mitigate the outflow of capital and cultivate a more insular and resilient economy. The success of this venture will be contingent on effective implementation, robust marketing campaigns, and sustained support from both the government and the private sector, ultimately contributing to the long-term economic strengthening and stability of the Turkish Republic of Northern Cyprus.