Central Bank’s Fourth Quarter Bulletin 2024 – BRTK
The Central Bank of the Turkish Republic of Northern Cyprus (TRNC) has recently released a bulletin containing economic data for the fourth quarter of 2024. The report reveals some interesting trends and statistics regarding the banking sector, inflation rates, employment, and budgetary figures.
According to the bulletin, the total assets in the banking sector increased by 9.04 percent compared to the previous quarter, reaching TL 329 billion 507.3 million by the end of December 2024. Gross loans accounted for the largest share of the sector’s assets at 39.74 percent, followed by cash and cash-like items, MDC, and other assets. Gross loans saw a significant increase of 42.27 percent compared to the previous year.
In terms of deposits, the sector held a total of 256 billion 355 million TL by December 2024, with 77.80 percent of the passive sum attributed to deposits. Operating loans and consumer loans were among the most prominent credit types, with Turkish currency deposits comprising 21.3 percent of total deposits.
On the inflation front, the TRNC experienced inflation rates of 3.22 percent, 0.78 percent, and 1.10 percent in October, November, and December of 2024, respectively. Annual inflation rates were 65.65 percent, 59.88 percent, and 53.29 percent for the same months. Education, various goods and services, clothing and shoes, and health items were the expenditure groups with the highest annual price increases.
Meanwhile, the number of employees registered with social insurances in the TRNC rose from 141 thousand 441 to 159 thousand 321 between November 2023 and October 2024, representing an increase of 30.27 percent. Additionally, budgetary figures for the 2024 fiscal year revealed a budget deficit of 9 billion 598.6 million TL, compared to a deficit of 263 million TL in 2023.
Overall, the economic data for the fourth quarter of 2024 paints a picture of growth and development in various sectors of the TRNC economy. From the banking sector to inflation rates and employment figures, the bulletin provides valuable insights into the country’s financial landscape.
