THE CENTRAL BANK OF TURKISH REPUBLIC OF NORTHERN CYPRUS

The Board of Directors of the Central Bank of the TRNC has decided on the agenda stated below in the meeting held on the 29th September 2022 which was published in the Official Gazette on the 24 th October 2022 as below.

It was decided that :

In accordance with the provisions of Section 7 subsection(3) of 62/2017 the Turkish Republic of Northern Cyprus Banking Law :

1. The minimum share capital of the banks to be 80,000,000 TL (Eighty Million Turkish Liras),
2. Those banks which have share capital under 80,000,000 TL (Eighty Million Turkish Liras) should raise ½ of the amount of the difference between the actual and the required share capital by 31st December 2023, and remaining part by 31 December 2024. This period given for raising the share capital does not apply to the situation where the share capital is under 20,000,000 TL (Twenty Million Turkish Liras).
3. That this decision to be applicable as from the date published in the Official Gazette.