the way for support. “Should the referendum [on a Cyprus deal] be positive then we will certainly aim to increase our investment, particularly in the north,” EBRD President Suma Chakrabarti told Reuters. That would open up the debate of whether the development bank would continue to invest in Cyprus beyond 2020, the deadline set when it became a “temporary” recipient of EBRD support in 2014. “It’s undoubtedly true that the north is very much underdeveloped compared with the south and will require years of investment to catch up,” Chakrabarti said. “So we’ll have to see if Cyprus makes the case for an extension of mandate and how the shareholders will react.” The EBRD holds its annual meeting in Cyprus in May so the situation is likely to be one of the main topics of discussion among the national finance ministers and central bankers that double as its decision-makers.
Turkey’s decision to change the weighting of seasonal products in its inflation basket will cut fluctuations in the consumer price index by 10 percent, the acting head of the Turkish Statistical Institute said yesterday. Mehmet Aktas made the comment at a news conference in Ankara.