Standard and Poor's Global Ratings (SandP Global Ratings) raised its outlook on Turkiye's credit rating from negative to stable.
In a statement, SandP Global Ratings said it affirmed Turkiye's credit rating at "B," but raised its outlook from negative to stable due to "policy changes." The statement noted that the new economic administration in Turkiye has raised interest rates by 21.5 points since June to 30 percent to combat inflation and lower the exchange rate. The administration has also imposed some indirect taxes to achieve fiscal balance.
SandP Global Ratings said it expects Turkiye's economy to grow 3.5 percent in 2023 and 2.3 percent in 2024
Source: Qatar News Agency