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FinancialNews
20-02-21
Turkish lira values 18percent against US dollar
(MENAFN)Fitch Ratings improved Turkey's outlook to stable from negative, and confirmed its credit volume at 'BB-'.
The global rating agency stated that "Monetary policy has been significantly tightened, international reserves have stabilized and the Turkish lira has appreciated by 18% against the US dollar since early November."
It further stated that "Turkey's return to a more consistent and orthodox policy mix under a new economic team has helped ease near-term external financing risks derived from last year's falling international reserves, a high current account deficit and deteriorating investor confidence."
The agency added that the Turkish central bank, under its new leadership, shortened monetary policy to increase intelligibility and obviousness, improving its communication strategy and its tightening by increasing interest volumes by 675 basis points in the months of November and December.
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