​​​​​​​Turkish economy deterioration following its credit rating

According to Bloomberg, the situation in Turkey raises concerns about obtaining financing from abroad, so the country's rating has been lowered to "-BB".

This classification granted to Turkey by the agency "Fitch" is a result of 3 degrees less than the required rate for investment, which is the level granted to countries experiencing economic difficulties such as Brazil and Armenia.

"Fitch" attributed this classification to the intervention of the Turkish state to a large extent in order to save the lira, which created a state of doubt in the country's financial policy, and pointed to the decline in real estate rates in turn as well, amid fears of an exacerbation of the crisis in the country.

The Central Bank of Turkey resorted to foreign exchange reserves in order to curb the losses of the lira, which has been declining continuously since years in light of the deterioration of the Turkish lira against the U.S. dollar on Thursday for the second consecutive day, surpassing its weakest performance in mid-May, according to what Arabic Site 21 reported.

The network indicated that the value of the lira decreased by 3.2 percent to about 7.2775 due to the failure of the interventions of government banks.

D.H