Based on this information, write a new short title in English: TRNC Central Bank published the 3rd Quarter Bulletin of 2024 – BRTK

The bulletin for the third quarter of 2024, prepared by the Central Bank of TRNC and containing the general outlook of the world economy, the most up-to-date statistical data and evaluations about the TRNC economy and banking sector, has been published.

While the budget deficit for the first nine months was at the level of 4,377.2 million TL, the payments made in accordance with the decisions of the Immovable Property Commission increased significantly compared to the previous year and reached 2.9 billion TL.

In the bulletin published with the signature of TRNC Central Bank Administration Center President Rifat Günay, evaluations were made under the headings “TRNC Banking Sector Developments”, “TRNC Tourism Developments”, “TRNC Inflation Developments” and “TRNC Budget Developments”.

-TRNC Banking Sector Developments

According to the bulletin, the total assets of the banking sector increased by 11.25 percent compared to June, reaching 302,195.2 million TL at the end of September 2024.

As of September 2024, the total gross loans of the sector was 121,380.9 million TL and the total deposits were 240,724 million TL.

In the third quarter of 2024, the largest share in the sector’s total assets belongs to gross loans with 40.17 percent.

While gross loans are followed by cash and cash equivalents with a share of 31.56 percent, MDC with a share of 18.26 percent and other assets with a share of 10.01 percent, gross loans increased by 50.05 percent compared to the same period of the previous year. There was an increase.

As of September 2024, 79.66 percent of the total liabilities were deposits, 9.67 percent were equity, 4.89 percent were debts to banks and 5.78 percent were other liabilities.

As of September 2024, business loans, which were 82,392.4 million TL, ranked first among loan types, and consumer loans, which were 20,289.5 million TL, ranked second. As of September 2024, 78.4 percent of the deposits were in FX and 21.6 percent were in TL, while the conversion rate of TL deposits, excluding NPL, into loans was 69.97 percent, and the conversion rate of FX deposits into loans was 42.6 percent.

The equity capital of the banking sector increased by 102.73 percent in the third quarter of 2024 compared to the same period of the previous year, reaching 29,226.9 million TL.

-TRNC Tourism Developments

The number of passengers arriving in the country by air and sea increased by 11.4 percent in the third quarter of 2024 compared to the same period of the previous year, reaching 611,700. In the third quarter of 2023, the number of people excluding TRNC nationals entering the country through land gates was 1,539,359, while in the same period of 2024, this figure decreased by 11.39 percent to 1,364,071. Looking at the entries through land gates in the third quarter of 2024, it was seen that the entries of Southern Cypriot nationals decreased to 763,654 and the entries of citizens of other countries decreased to 600,417. In the third quarter of 2024, the number of TRNC citizens exiting land gates increased by 18 percent compared to the same period in 2023, reaching 785,350.

As of the first nine months of 2024, this number increased by 15.6 percent compared to the first nine months of 2023 and reached 2,162,198.

-TRNC Inflation Developments

In the third quarter of 2024, inflation rates in the TRNC compared to the previous month were 3.51 percent, 3.28 percent and 2.53 percent in July, August and September, respectively. In the third quarter of 2024, annual inflation rates compared to the same month of the previous year were 72.51 percent in July, 64.75 percent in August and 63.57 percent in September. The expenditure groups with the highest annual price increase in September 2024 were education with 104.87 percent, communications with 97.36 percent, miscellaneous goods and services with 86.66 percent and health items with 74.86 percent, respectively.

As of the end of September 2024, transportation was the item that experienced the lowest increase with 29.92 percent compared to the same period of the previous year.

-TRNC budget developments

In the third quarter of the 2024 fiscal year, budget revenues were 20,026.8 million TL and budget expenses were 20,883.7 million TL.

The budget, which had a surplus of 1,586.8 million TL in the third quarter of 2023, had a deficit of 856.9 million TL in the same period of 2024. In the first nine months of 2024, the total budget revenues increased by 102.9 percent compared to the same period of the previous year, reaching 49,352.2 million TL, and budget expenses increased by 134.1 percent, reaching 53,729.4 million TL.

The budget deficit for the first nine months was at the level of 4,377.2 million TL. The budget deficit realized in the first nine months was also affected by the fact that the payments made in accordance with the decisions of the Immovable Property Commission increased significantly compared to the previous year and reached 2.9 billion TL.

In the third quarter of 2024, a total of 203.7 million TL was borrowed through the issuance of Government Domestic Debt Securities (GDDS), 293.8 million TL of GDDS was repaid, and thus a net debt repayment of 90.1 million TL was made. 136.2 million TL of the said borrowings are for Soil Products Institution (TÜK) and 67.5 million TL are for Cypfruvex İşletmecilik Ltd. was carried out for.

In the third quarter of 2024, a short-term advance of 473.1 million TL was provided to the Ministry of Finance by the Central Bank. While the total domestic debt stock formed through GDDS and KVA was 865.5 million TL at the end of 2023, it became 5,983.4 million TL at the end of the third quarter of 2024.