The US rating agency Moody's downgraded Turkey to junk-level. President Erdogan railed against it - and now plans to establish a national rating agency.
Following a renewed downgrade of its credit rating, Turkey is planning to set up its own rating agency. "We aim to set up a national credit rating agency later this year," said Turkish Banking Supervisor Ali Abken. The planned institution would comply with international standards and work "independently and objectively".
US rating agency Moody's downgraded Turkey's credit rating to "Ba2" on Wednesday - two levels deep into junk rating. Such a note shows investors it's a very risky assets.
Downgrades by Moody's and other international rating agencies have repeatedly provoked sharp criticism from President Recep Tayyip Erdogan. Erdogan said on Friday that rating agencies were "pushing Turkey into the corner to pave the way for those who benefit."
Turkey is experiencing strong economic growth. But the country is fighting double-digit inflation, high unemployment and a large trade deficit.
Source: dpa
Image: Pixabay
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