Moody’s keeps Turkey’s credit rating at “B2”

The international credit rating agency, Moody’s, kept Turkey’s rating at “B2” while maintaining a “negative” outlook.

This came according to a statement issued on Friday, in which it maintained Turkey’s long-term credit rating in both local and foreign currencies.

In its statement, the agency noted that “the main external vulnerability risks for Turkey have been reduced due to the decline in the current account deficit.

This supports the gradual restructuring of foreign exchange reserves on a gross and net basis, regardless of the current pressure on the local currency, the lira.”

The statement pointed out that “the private sector in Turkey has shown relative resilience in the face of currency fluctuations,” stressing that “the public financial situation of Turkey is expected to remain relatively strong.”

And he indicated that, “Turkish exports, rather than domestic demand, are likely to contribute more strongly to growth in 2022 by taking advantage of the depreciation of the lira.”

The statement also clarified that Turkey has a large and diversified economy, noting that the country’s economy is expected to grow by 11% this year, and by 4% during 2022.

The same agency had expected in a report published last November that the Turkish economy would grow by 9.2% this year.