11:29 - 4.11.2024

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 November 4, Fineko/abc.az. S&P Global Ratings has upgraded Türkiye’s sovereign credit rating from B+ to BB -, ABC.AZ reports, quoting Turkish Finance Minister Mehmet Shimshek on his page on social network X.

Thus, Türkiye has become the only country that has risen to two positions in the ratings of all three leading agencies (S&P, Moody's and Fitch) at once this year.

According to the minister, the main factors that influenced S&P's decision were:

- Restoring balance in the economy;

- Reducing the current account deficit and the need for external financing;

- Stabilization of the Turkish lira;

- Strengthening of foreign exchange reserves;

- Steady process of disinflation.

"The positive progress achieved as a result of the government's economic program has also reduced Türkiye’s risks in the country and significantly lowered the cost of external borrowing," Shimshek stressed.