Ratings agency Fitch downgraded Turkey’s debt rating to “B” from “B+”, citing increasing inflation and broad concerns about the economy, from a widening current account deficit to interventionist policies.
Turkey’s annual inflation rate jumped to a 24-year high of 78.62 per cent in June, data showed on Monday, just above forecast, driven by the impact of the Ukraine war,
The Turkish central bank has had negligible freedoms in setting the monetary policy in recent years as Erdogan believes interest rates are the mother of all evil .