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TURKEY: Fitch Affirms Turkey at BB-, Outlook Stable

TURKEY
Bullet
  • Fitch Ratings affirmed Turkey’s long-term foreign currency debt rating at BB- with a stable outlook. It noted that "Turkey's ratings reflect a record of political interference in monetary policy, high inflation, low external liquidity in the context of high financing requirements and weaker governance relative to peers.”
    • See the full note here.
  • Turkey's trade deficit stood at $7.7bln in January, according to preliminary figures announced by the Trade Minister this morning. Exports rose 5.8% y/y while imports rose 10.2% y/y.
  • Meanwhile, the Istanbul Chamber of Industry and S&P Global’s Manufacturing PMI for Turkey fell to 48.0 in January from 49.1 in December. New Orders fell to 46.8, marking the 19th consecutive month of contraction.
  • The Turkish motor vehicle market, which achieved record sales last year, has started 2025 sluggishly, Ekonomi report. Sector representatives see a contraction of nearly 10% in sales in January due to the impact of new regulations.
  • President Erdogan will chair a cabinet meeting today, with developments in the fight against inflation and steps toward achieving price stability among the topics to be discussed.
  • There are no other data releases scheduled for today. CBRT Governor Fatih Karahan’s inflation report on Feb 7 provides the highlight for the remainder of the week. As a reminder, the bank’s most recent projection sees annual consumer price growth slowing to 21% at the end of the year.
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  • Fitch Ratings affirmed Turkey’s long-term foreign currency debt rating at BB- with a stable outlook. It noted that "Turkey's ratings reflect a record of political interference in monetary policy, high inflation, low external liquidity in the context of high financing requirements and weaker governance relative to peers.”
    • See the full note here.
  • Turkey's trade deficit stood at $7.7bln in January, according to preliminary figures announced by the Trade Minister this morning. Exports rose 5.8% y/y while imports rose 10.2% y/y.
  • Meanwhile, the Istanbul Chamber of Industry and S&P Global’s Manufacturing PMI for Turkey fell to 48.0 in January from 49.1 in December. New Orders fell to 46.8, marking the 19th consecutive month of contraction.
  • The Turkish motor vehicle market, which achieved record sales last year, has started 2025 sluggishly, Ekonomi report. Sector representatives see a contraction of nearly 10% in sales in January due to the impact of new regulations.
  • President Erdogan will chair a cabinet meeting today, with developments in the fight against inflation and steps toward achieving price stability among the topics to be discussed.
  • There are no other data releases scheduled for today. CBRT Governor Fatih Karahan’s inflation report on Feb 7 provides the highlight for the remainder of the week. As a reminder, the bank’s most recent projection sees annual consumer price growth slowing to 21% at the end of the year.