2024-07-21 16:46:58
Moody’s Investors Service has upgraded Turkey’s credit rating for the first time in more than a decade, marking the latest development in the country’s efforts to return to conventional economic policies.
Al Sharq News website reported that the credit rating was upgraded by two notches to (B1) from (B3), with a positive outlook.
Türkiye’s rating remains four notches below investment grade, on par with Jordan and Bangladesh.
The move comes on the heels of upgrades by Standard & Poor’s and Fitch, as Turkey’s return to conventional policies has led to a turnaround in inflation and a rapid increase in the central bank’s foreign exchange reserves.
“The main driver of the upgrade to B1 is improvements in governance, and more specifically the increasingly decisive and steadfast return to conventional monetary policy,” Moody’s said.
“This leads to the first clear results in terms of reducing the major imbalances in the macroeconomy in Turkey,” she added.
Last updated: July 20, 2024 – 18:05
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2024-07-21 16:46:58