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Fitch downgrades Turkey to BB- with negative outlook
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Fitch Ratings lowered its rating of Turkey's sovereign debt from BB to a negative outlook, saying that the isolation of the central bank governor highlights the deterioration in the Bank's independence and cohesion. Economic policy and credibility.
Turkish President Recep Tayyip Erdoğan dismissed central bank governor Murad Gintinkaya on July 6 and said on Wednesday the reason for the dismissal was the failure of Gitinkaya to carry out interest rate instructions and that the bank had not performed its role correctly.
Fitch also said the removal of Gitenga poses a risk of undermining the flow of foreign capital needed to meet Turkey's large external financing needs and deteriorating economic results.
The isolation of the central bank governor also raises doubts about the prospects for structural reforms and managing the financial situation of the public sector, she said.
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