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is about whether the EBRD was com­pli­ant with its own rules when board di­rec­tors gave their po­lit­i­cal guid­ance.” The bank’s di­rec­tors gave a “guid­ance” to halt new in­vest­ment in Russia in 2014 fol­low­ing the im­po­si­tion of Western sanc­tions against Moscow for its an­nex­a­tion of Ukraine’s Crimea re­gion.

Turkey’s con­sti­tu­tional ref­er­en­dum on Sun­day was part of a po­lit­i­cal shift that has been neg­a­tive for the coun­try’s sov­er­eign credit profile, but may fa­cil­i­tate a re­vival of credit-pos­i­tive eco­nomic re­forms, Fitch Rat­ings said yes­ter­day in a state­ment. Ear­lier this year, Fitch down­graded Turkey’s sov­er­eign rat­ing to BB+/Sta­ble re­flect­ing, among other things, the ero­sion of checks and bal­ances and in­sti­tu­tional in­de­pen­dence in Turkey in re­cent years. At the time of the down­grade, Fitch as­sumed the con­sti­tu­tional amend­ments would be ap­proved. “The ref­er­en­dum may com­plete an ex­tended po­lit­i­cal cy­cle now that Pres­i­dent Re­cep Tayyip Er­do­gan has ac­com­plished a key long-stand­ing po­lit­i­cal goal of in­creas­ing pres­i­den­tial pow­ers,” said Fitch. New pres­i­den­tial and par­lia­men­tary elec­tions are not re­quired un­til late 2019. This time­frame should al­low the econ­omy to move back up the rul­ing AKP’s pol­icy agenda.

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