Fitch holds Turkey rating at BB; outlook negative

WASHINGTON (AA) – Fitch Ratings affirmed Turkey's credit rating at &quot;BB&quot; with a negative outlook on Friday. </p> <p>Turkish economy is navigating out of a &quot;sharp depreciation&quot; of the lira, which &quot;stemmed from the materialisation of external financing vulnerabilities, aggravated by political and geopolitical developments, all areas of weakness for the sovereign credit profile&quot; the rating agency said in a statement. </p> <p>The lira tumbled as much as 47 percent against the dollar in August. Turkish President Recep Tayyip Erdogan described the surge in USD/TRY rate as &quot;evidence of an attempted economic assassination.” </p> <p>The currency recovered most of its losses after significant tightening by the country's central bank.</p> <p>The Central Bank of the Republic of Turkey (TCMB) increased its benchmark lending rate from 17.75 percent to 24 percent in mid-September. </p> <p>In its latest monetary policy committee meeting that ended Dec.13, TCMB held its key rate stable at 24 percent.</p> <p>Citing declaration in growth, &quot;The slowdown will challenge a long-standing commitment to fiscal discipline that underpins strong public finances relative to rating peers,&quot; Fitch Rating said.</p> <p>The Turkish economy expanded by 1.6 percent year-on-year in the third quarter the country's statistical office announced Dec.10.</p> <p>&quot;The negative outlook reflects the significant and multifaceted risks to the adjustment path posed by economic policy settings, domestic political and geopolitical risks and global financing conditions&quot; Fitch said. </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>

ALATURKA AİLESİ ÜYELERİ NE DİYOR?