Turkish economy in consecutive collapse due to Erdogan's policies

Moody's credit rating agency lowered the long-term foreign currency bank credit rating in Turkey from B1 to B2, confirming that the decision would not affect Ba3's current credit rating.

Turkish economy in consecutive collapse due to Erdogan's policies
26 September, 2018   08:25

NEWS DESK

Moody's explained the reason for the reduction in the rating of long-term foreign bank deposits in Turkey from B1 to B2 to the increasing concerns of government intervention to prevent the withdrawal of bank deposits in foreign currency.

Moody's decision follows Turkey's reduction of the acquisition tax on bank deposits in one-year lira, while raising the level of the foreign currency deposit tax, reflecting Turkey's bad situation, the collapse of economy and the suffering of its citizens.

Last August, Moody downgraded Turkey's credit rating from Ba2 to Ba3, and downgraded its credit rating from stagnant to negative.

The tax on foreign currency deposits with a maturity of one year has been raised to 16% instead of 15%.

H/S

ANHA