Turkey's credit rating upgraded: First statement from Treasury Minister Şimşek

International rating agency Moody’s has upgraded Turkey’s credit rating by one notch, moving it from “B1” to “Ba3.” Additionally, it set the outlook for Turkey’s credit rating as “stable.”

ASSESSMENT BY TREASURY MINISTER ŞİMŞEK

Treasury and Finance Minister Mehmet Şimşek made a statement on social media following this decision from Moody’s. Minister Şimşek said, "Our country's credit rating has been upgraded. Our economy has overcome a period of domestic and international uncertainties and challenges and has entered a positive cycle once again. This rating upgrade confirms that we are managing the process successfully and confirms the resilience of our economy."

In his statement, Minister Şimşek pointed out that this credit rating upgrade demonstrates the positive developments in Turkey’s economy and the success in the field of fiscal management. Emphasizing that Turkey's economic indicators are improving, Şimşek argued that this development reinforces the confidence in Turkey within international financial markets.

Şimşek noted the following in his statement:

"Our country's credit rating has been upgraded. Our economy has overcome a period of domestic and international uncertainties and challenges and has entered a positive cycle once again. This rating upgrade confirms that we are managing the process successfully and confirms the resilience of our economy. We are determined to permanently reduce inflation, keep the current account deficit at a sustainable level, and strengthen budget discipline, excluding earthquake-related expenditures. We will make the gains of our program permanent with reforms that will ensure structural transformation in industry, primarily in green and digital transformation. As we continue to implement our program with patience and determination, our risk premium will fall further, our access to financing will increase, and new rating upgrades will follow."

News Source: 12punto