Taçoy and Bankers’ Association discuss businesses’ access to finance

Improving access to finance for industrialists, tradespeople, producers and investors in the TRNC (KKTC) was discussed at a meeting between Economy and Energy Minister Hasan Taçoy and a delegation from the North Cyprus Bankers’ Association. The meeting, held at the ministry, considered steps to increase banks’ contribution to the economy and expand credit opportunities for businesses.

The delegation received by Taçoy included Olgun Önal, Chair of the Board of the North Cyprus Bankers’ Association, Deputy Chair of the Board Kemal Ataman and Secretary-General Halil Okur. The meeting included an exchange of views on the capacity of banks operating in the country to support economic activity.

Financing production and investment on the agenda

The meeting focused on the impact of the banking sector on production, investment, employment and trade. The role banks play in meeting the economy’s financing needs was discussed, along with steps that could make it easier for industrialists, tradespeople, producers and investors to access credit. Measures to ensure the smoother functioning of financial life were also among the topics discussed.

Taçoy said the link between the financial sector and production needed to be strengthened to achieve sustainable economic growth. Pointing to the fundamental role of banks in the country’s economy, he expressed his expectation that the sector would make a greater contribution to economic activity.

Emphasis on stability and confidence

The importance of economic stability and fiscal discipline was also discussed. It was noted that maintaining the reliability of the banking sector was important both for investors and for citizens. The parties agreed to continue dialogue and cooperation between economic policymakers and the banking sector in the period ahead.