Fitch downgrades Turkey’s credit rating by one notch

16-07-2019, 11:39

Region » Turkey

16 July 2019, 11:39 - NovostiNK

Ratings agency Fitch on Friday downgraded Turkey’s sovereign debt by one notch to ‘BB-‘ with a negative outlook after President Recep Tayyip Erdogan sacked the governor of the central bank, western media outlets reported.

According to reports, the firing of Murat Cetinkaya last weekend for failing to follow government instructions “risks damaging already weak domestic confidence,” Fitch said in a statement. It also could jeopardize foreign investment, which the country needs and create “worsening economic outcomes.”

Erdogan has repeatedly railed against high-interest rates and called for them to be lowered to stimulate growth. He once called high rates the “mother and father of all evil.”

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