Central Bank reassures depositors after reports on Türkiye investigations

In a statement issued on Monday, the bank said decisions taken as part of those investigations had “no direct connection” with the operations of banks established in the TRNC.

It stressed that locally established banks operate under TRNC law and are supervised and regulated by the Central Bank.

The statement followed reports linking a Turkish investigation into investment fund and stock market transactions involving members of a family to their banking interests in North Cyprus. The Central Bank did not name any bank or individual in its announcement.

The Central Bank said banks remained financially strong and continued to provide all banking services without interruption.

Although no support was currently needed, it said it would provide banks with any necessary assistance should the need arise.

Developments were being closely monitored and measures were being taken to protect depositors’ rights and interests and maintain financial stability, the statement added.