The figures were announced by the Turkish Cypriot chamber of shopkeepers and artisans. The chamber estimates that 70% of the shops that have closed down belonged to people who have been in the sector for more than 5 years.
According to Turkish Cypriot newspaper Havadis, the head of the chamber Mahmut Kanber said that the crisis in the market has hit the small shopkeepers as sales have dropped by 30%.
“The shopkeepers which are still conducting business are being crushed under the weight of the debt towards financial institutions in some cases towards loan sharks,” said Kanber.
Kanber stressed that the administration needs to take measures urgently, suggesting that income and expenditures should be calculated in the same currency.
Kanber also said that people have stopped buying with cash and are using their credit cards for...