S&P's Game-Changing Move: Türkiye's Outlook Upgraded from 'Negative' to 'Stable' - Economic Rebound Imminent!

[ad_1] Standard & Poor's (S&P), the international credit rating agency, has revised Türkiye's outlook from "negative" to "stable" and affirmed its credit rating at B. The agency stated that the stable outlook reflects the balanced risks on Türkiye's creditworthiness after a return to orthodox monetary policy settings, including the Central Bank raising interest rates. S&P highlighted the efforts of the Central Bank, under new leadership, to disinflate and de-dollarize the economy by raising the key one-week repo rate by 21.5 percentage points since June, reaching 30%. Additionally, the Treasury has introduced indirect taxes to offset fiscal deterioration. S&P believes that, by 2026, the new team can rebalance Türkiye's economy away from external debt-financed consumption and towards more balanced external and fiscal accounts, as well as more acceptable levels of inflation. The agency stated that risks to this adjustment, both political and economic, are balanced. Furthermore, S&P mentioned that it could revise Türkiye's outlook to positive if the effectiveness and independence of monetary and financial sector policies improved, along with Turkiye's balance-of-payments position strengthening, particularly the Central Bank's net foreign currency reserves. The agency also forecasted Türkiye's GDP growth to decelerate to 3.5% before weakening to 2.3% in 2024. Source: Daily Sabah [ad_2] https://market-news24.com/economy/sps-game-changing-move-turkiyes-outlook-upgraded-from-negative-to-stable-economic-rebound-imminent/?feed_id=68512&_unique_id=651824d81e941

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