The National on Nostr: Turkey wins first ratings upgrade from Moody's in a decade on improved governance ...
Turkey wins first ratings upgrade from Moody's in a decade on improved governance
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Turkey has won a credit rating upgrade from Moody's Ratings, the first time in more than a decade; The country's sovereign credit rating improved to “B1" from “B3" with a positive outlook; Moody's decision was driven by improvements in Ankara's policies, particularly in monetary policy; The upgrade reflects a reduction in Turkey's major macroeconomic imbalances and a decrease in the risk of long-lasting inflation shocks; Inflation in Turkey hit 69.8% in April, but the Central Bank of Turkey expects it to gradually decrease to 38% by the end of 2024 and 14% by the end of 2025; The Turkish lira remains one of the worst performers among emerging market currencies; Turkey was removed from the Financial Action Task Force “grey list” of countries facing tighter monitoring for money laundering and terrorism financing; External vulnerability risks remain significant for Turkey, and political risks are still a key rating constraint; The authorities are expected to maintain a tight economic policy stance to ensure inflation expectations converge to the central bank's target on a sustained basis.
https://www.thenationalnews.com/business/economy/2024/07/20/turkey-wins-first-ratings-upgrade-from-moodys-in-a-decade-on-improved-governance/
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Turkey has won a credit rating upgrade from Moody's Ratings, the first time in more than a decade; The country's sovereign credit rating improved to “B1" from “B3" with a positive outlook; Moody's decision was driven by improvements in Ankara's policies, particularly in monetary policy; The upgrade reflects a reduction in Turkey's major macroeconomic imbalances and a decrease in the risk of long-lasting inflation shocks; Inflation in Turkey hit 69.8% in April, but the Central Bank of Turkey expects it to gradually decrease to 38% by the end of 2024 and 14% by the end of 2025; The Turkish lira remains one of the worst performers among emerging market currencies; Turkey was removed from the Financial Action Task Force “grey list” of countries facing tighter monitoring for money laundering and terrorism financing; External vulnerability risks remain significant for Turkey, and political risks are still a key rating constraint; The authorities are expected to maintain a tight economic policy stance to ensure inflation expectations converge to the central bank's target on a sustained basis.
https://www.thenationalnews.com/business/economy/2024/07/20/turkey-wins-first-ratings-upgrade-from-moodys-in-a-decade-on-improved-governance/