2023-09-30 11:41:26
On Friday, the Standard & Poor’s credit rating agency revised its future outlook for Turkey from “negative” to “stable”, attributing this to the changes that occurred in the policy followed by the country.
At the same time, the agency maintained the country’s credit rating at B.
The agency said in a statement that the new economic team in Turkey “is taking measures aimed at calming the overheated economy and stabilizing the exchange rate without undermining financial stability.”
Standard & Poor’s revised its outlook on Turkey to “negative” in March, citing vulnerabilities associated with low interest rates, targeted lending and regulatory restrictions on foreign exchange positions and interest rates.
Last week, the Turkish Central Bank raised the key interest rate by 500 basis points to 30 percent, the second month in a row to significantly tighten monetary policy.
The central bank, which has raised interest rates by 2,150 basis points since June, confirmed that it is ready to further raise interest rates if necessary to curb inflation.
Earlier this month, Fitch Ratings Agency revised its outlook for Turkey to “stable” and affirmed its credit rating at B, indicating changes in economic policy that might reduce financial instability in the near term. (Archyde.com)
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