Fitch Ratings raises Turkey’s outlook to stable

2023-09-09 02:44:32

Developments in the Turkish economy Fitch Ratings on Friday raised its outlook for Turkey’s foreign exchange reserves to “stable” and affirmed its rating at B, saying that a change in economic policy may reduce overall financial instability in the near term. ‬

Turkey has been suffering from inflation for some time and is now following a radical shift in policy after President Recep Tayyip Erdogan appointed a new finance minister and bank governor. Turkish Central The resulting increase in the interest rate to 25 percent from 8.5 percent.

The country is set to witness further rise in interest rates. JP Morgan also doubled its expectations for the coming months, anticipating that fiscal spending plans and rising inflation will lead to raising interest rates by another 10 percentage points during the next two meetings of the central bank.

In March, Fitch affirmed Turkey’s rating at “B” with a negative outlook, while Standard & Poor’s in March moved the country to a negative outlook due to concerns regarding economic policy.

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