LONDON, Oct 25: The European Bank for Reconstruction and Development (EBRD) could register a loss this year due to the effects of global economic turmoil, its president said in an interview published on Saturday.

The EBRD will be hit... to what degree is not yet completely clear, Thomas Mirow told the Financial Times newspaper. But we will see writedowns on our listed equities and on the unlisted. He added: I would not rule out a loss for the year but in any case we will clearly be affected.

The London-based EBRD is owned by 61 governments and was set up in 1991 to support former Soviet countries following the collapse of the USSR.

It now helps finance banks and businesses in 29 countries including Russia, Hungary, Poland and Ukraine in a bid to promote democratic principles.

The news comes amid economic chaos in many of the countries where it works.

Russia’s RTS stock exchange has lost more than 70 per cent of its value since reaching record highs in May -- one of the biggest falls in the world.

Poland’s currency the zloty has plummeted against international currencies this week and Hungary’s central bank Wednesday raised its key interest rate by three points to 11.5 per cent.—AFP