The Minister of Finance Dursun Oğuz who was in the Turkish capital Ankara on Tuesday for a day visit met with the Turkish Minister of Treasury and Finance Nurredin Nebati as well as the head of the Turkish Central Bank Şahap Kavcıoğlu.

Evaluating his contacts to BRT, Minister Oğuz said that his meetings and discussions had focused on how to implement the latest economic model adopted by the Turkish government in the Turkish Republic of Northern Cyprus.

He said he had exchanged views on how the process on switching to the exchange rate risked hedge deposit system will be.

“Work on this issue is continuing and we have reached an agreement in finalising preparations as soon as possible,” he said.

Oğuz said that the meeting with the head of the Turkish Central Bank had also focused on the role the TRNC Central Bank will play as and when the system is implemented in the TRNC.

The TRNC Finance Minister said that the country was going through a difficult period in terms of the economy and that his meetings with the Turkish officials had also focused on the financial state of the TRNC.