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Fitch lowered Turkey’s credit rating from B+ to B amid rising inflation.
Inflation in Turkey rose to its highest level in 24 years, reaching 78.62% in June.
Fitch confirmed its outlook at negative amid expectations of a slowdown in Turkey’s consumption in light of high inflation, a weak exchange rate and a decline in domestic confidence.
The report pointed out that the economic repercussions of the Russian-Ukrainian war led to higher prices in Turkey, which is dependent on imports.
