Front Page Headlines
‘Switching to the Euro will be on the table’
The overwhelming loss in the value of the Turkish Lira against foreign currencies, the rise in the cost of living and the erosion of the public’s purchasing power has turned all eyes to politics. The leader of the main opposition Republican Turkish Party (CTP) Tufan Erhürman gave an important message on monetary policy ahead of the early elections. He said he will be discussing the possibility of switching to the Euro after the January 23 elections.
- Period of shortages – Some supermarkets have introduced limits to the sale of certain goods. In others the shelves are empty. Petrol stations have run out of fuel.
The fire of the foreign currencies does not subside, causing prices to skyrocket with price hikes announced each day. The ‘chaotic’ environment does not end with the economy, in health and fuel oil (supply).
- ‘Stay of execution’ order given to the development master plan – Supreme Administrative Court ordered in favour of the Chamber of Town Planners on the Famagusta-İskele (Trikomo) – Yeniboğaziçi (Agios Sergios) masterplan.
Turkish lira hits rock bottom
The Turkish Central Bank intervened in the market by selling foreign currencies bringing the exchange rates down but the Turkish Lira’s tumble continued shortly after Turkish President Recep Tayyip Erdoğan reiterated his views against interest rates.
- The court stopped the development masterplan – Head of the Chamber of Town Planners, Merter Refikoğlu said the court held its first hearing on the Famagusta-İskele (Trikomo) – Yeniboğaziçi (Agios Sergios) masterplan yesterday.
The (alarm) bells are ringing
While the fuel tanker which brought fuel to the Electricity Authority is anchored off the coast, the government is searching for ₺83m (€5.4m) to purchase 12,500 tons of fuel. While the shortages are being experienced at petrol stations, the tanker which brought fuel for the power station has not unloaded its cargo because of bad weather conditions. The Electricity Authority on the other hand will borrow the ₺83m (€5.4m) needed to purchase the fuel. According to information obtained by Diyalog, the authority will need to pay an extra 249m (€16.4m) for fuel during the winter months if the exchange rate continues to go up. The plant requires resupplying every three months.
1£= ₺18 1€ = ₺15.30 1$ = 13.50 (A photograph of the Turkish President Recep Tayyip Erdoğan is published next to the exchange rates.)
- In search of ₺5m (€327,000) – Health Ministry launched an initiative to purchase the equipment to identify new mutations (of the coronavirus).
The court in the north stops the implementation of the new master planYenidüzen, Kıbrıs, Havadis, Diyalog, Avrupa
Governance & Power Sharing
The administrative court in the north gave a ‘stay of execution’ order on the Famagusta-İskele (Trikomo) – Yeniboğaziçi (Agios Sergios) development master plan upon an injunction filed by the Chamber of Town Planners, which is a member of the Union of the Chambers of Cyprus Turkish Engineers and Architects (KTMMOB).
The KTMMOB had issued a harsh statement on the issue when Prime Minister Faiz Sucuoğlu held a ‘grand ceremony’ putting the plan into force a day before the election prohibitions entered into force. Sucuoğlu had claimed as a result of the new plan, the north will benefit from nearly $2bn investments.
KTMMOB said the master plan signed by Sucuoğlu was different from the one approved by the “Permits Evaluation Board” on December 30, 2019. The KTMMOB added: “Therefore the signed plan is not valid, and it will be unlawful to carry out any actions based on the invalid plan.”
Sucuoğlu, a day before election bans came into force, signed the development master plan, pleasing the construction company owners and upsetting the civil society organizations (CSOs) and environmentalists in the area.
The said master plan, which was pioneered by the People’s Party (HP) during the four-party coalition in 2019 but was not approved by Ersin Tatar, who was the prime minister then. The new plan, which the KTMMOB objected to, envisages more areas for development that can accommodate nearly 15,000 more accommodation units.
IPC mandate extended by two more yearsYenidüzen, Kıbrıs, Havadis, Diyalog, Avrupa
The Legal, Political and Foreign Affairs Committee at the Turkish Cypriot Parliament approved on Monday the bill to extend the mandate of the Immovable Property Commission (IPC) for two more years.
The committee approval, which is mainly a legislative procedure, allows the IPC to continue accepting applications from property owners regarding their immovable properties.
The bill has been passed on to the parliamentary assembly for final approval. The IPC’s mandate will expire on December 21, 2021.