Politics
S&P raises Turkey's credit rating to BB – Turkish Minute
Standard and Poor's raised Turkey's long-term sovereign credit rating from B+ to BB- on Friday, with the agency noting economic progress thanks to the central bank's “tight monetary stance.”
This stance “allowed Turkish authorities to stabilize the lira, bring down inflation, rebuild reserves and dedollarize the financial system,” S&P said in a statement.
The country has also seen its savings gap with the rest of the world narrow, he notes.
Turkey's central bank began raising interest rates last year in a bid to combat soaring prices, after President Recep Tayyip Erdoan abandoned his opposition to orthodox monetary policy that calls for rate hikes. rates to control inflation.
The bank has since increased its main rate from 8.5% to 50%, between June 2023 and March 2024, to curb inflation.
Since then, it has remained at this level.
S&P said it did not expect any changes to its medium-term outlook, as authorities implement “ambitious plans to bring down still-high inflation, manage workers' wage expectations and rebalance the Turkish economy.
Turkish inflation officially slowed in September to 49.38 percent compared to the same period last year, following highs of 85.5 percent in October 2022 and 75.45 percent in May.
Agence France-Presse
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