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28 May, 2024

Cash-only trend grows amid rising inflation in occupied territories

A rising number of businesses in the occupied territories are rejecting credit cards as underground economy grows


The prevalence of merchants and shopkeepers unwilling to accept credit cards is on the rise in the occupied territories, warns columnist Jenq Mutluyakali in a Yeni Duzen article.

Mutluyakali emphasizes the inconvenience faced by those who rely solely on credit cards for transactions in this evolving landscape. As the underground economy gains traction, more businesses opt for cash-only transactions, making daily life less convenient for consumers. Even professionals like doctors and lawyers are requesting cash payments.

He highlights the diminishing allure of modern conveniences as the Turkish lira's value continues to erode, necessitating the carrying of larger sums of cash daily.

In parallel, the Kibris Post website reports on inflation figures for August, citing a "statistical agency." According to their data, inflation in the occupied territories has surged by 80.90% over the past year.

The general consumer price index reflects an 8.14% increase compared to the previous month, a 58.46% rise since December of the previous year, and a substantial 80.90% increase when compared to the same month in the prior year.

Cyprus  |  Turkey  |  occupied  |  inflation

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