Price cap on fuel at gas stations in 13 prefectures
The Regional Development and Competitiveness Ministry yesterday imposed a ceiling on fuel prices in 13 prefectures around Greece, as checks identified unjustifiably high rates at gasoline stations in those areas. The prefectures with a fuel price ceiling are the Cyclades, Cephalonia, Corfu, Lesvos, Grevena, Evros, Evrytania, Fokida, the Dodecanese, Lasithi, Rethymno, Samos and Chios. Minister Michalis Chrysochoidis spoke of consumers being exploited. month in seven in April after clothing prices rose and consumer confidence climbed to the highest level this year. Inflation accelerated to 4.3 percent from 4 percent in March, a four-decade low, the statistics agency in Ankara said on its website yesterday. The rate was expected at 4.4 percent, according to the median estimate of seven economists in a Bloomberg survey. The central bank is seeking to control demand for goods and services by increasing banks’ reserve requirements to deter lending rather than raising interest rates. It says the reserves, which it has increased four times since December, will start to curb loan growth from the second quarter. The central bank cut the benchmark one-week repo lending rate by a total of 75 basis points in December and January to a record low of 6.25 percent in an effort to weaken the lira and support exports. The central bank’s strategy “might actually work, but it will take some time to achieve results, which makes the picture look vulnerable to exogenous risks,” Tevfik Aksoy, London-based head of emerging-market economics for the region at Morgan Stanley, said in an emailed report to investors. “Core inflation does not look as good in April, but it’s still too soon to worry.” The core inflation rate, which excludes food, energy, alcoholic beverages and tobacco, rose 4.4 percent annually compared with an increase of 3.8 percent in March. (Bloomberg) having risen 5 percent in 2010, the Department of Lands and Surveys said yesterday. “Demand for property suffers from a high unemployment rate and a lack of liquidity at banks, which result in higher interest rates compared with the rest of the euro area,” Charalambos Petrides, chairman of the Cyprus Association of Valuers and Property Consultants, said in a telephone interview. Property transactions will slump 10 percent to 15 percent this year compared with 2010, according to Petrides.
(Bloomberg) quirements of 9 to 10 million euros as requested by BoG, which acts as the market’s regulator. Eurostar accounted for 1.07 percent of the car insurance market.