Fitch raises Turkey’s credit rating, the country is heading for a currency crisis


Fitch rewarded economy czar Mehmet Simsek for orthodox policies.

•What is important: The TIMING of the rating hike.

•Yet, FX demand which started in February is accelerating by the day, endangering Turkey’s efforts to stabilize her economy.

•Soaring demand has various reasons, some one-off, BUT one stands out: Return on TL assets are too low.

•Will Central Bank react, or will Turkey edge towards another currency crisis?

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.