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The rating agency Fitch announced Friday that it had lowered Turkey's sovereign debt rating, saying that "the risks to the country's macroeconomic stability have intensified."
The rating goes from "BB + "to" BB ", pushing her even further into the speculative category. It is accompanied by a negative outlook, which implies that it could still be lowered soon, says Fitch in a statement.
The agency notes in particular a more difficult financial environment, an acceleration of inflation or even more. the impact of the exchange rate plunge on the private sector, whose debt is closely tied to foreign currencies.
Fitch stresses "that the credibility of economic policy has deteriorated in recent months and the first steps taken after June elections increased uncertainty. "
Experts worry about growing signs of slowing down: the Turkish lira is still depreciating against the dollar (it has lost 30% of its value since the beginning of the year) and inflation over one year has pbaded the 15% mark in June (15.39% exactly over one year), a record since 2003.
Markets are also worried about the authoritarian drift
The Turq It was formally pbaded this week from a parliamentary system to a presidential regime that makes Recep Tayyip Erdogan the sole holder of executive power. This transition, in particular, made the office of Prime Minister disappear.
The Turkish president has also granted himself by decree the prerogative to appoint the head of the central bank, thus signaling his desire to have control over the economic levers.
He also appointed his son-in-law Berat Albayrak as the new Minister of Finance.
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