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Fitch: Turkey's 7 Largest Banks have Sufficient FX Liquidity to Cover S/T FX Debt

TURKEY
  • Turkey's seven largest banks (Akbank, Garanti, Halkbank, İşbank, Vakıfbank, Yapı Kredi and Ziraat) have sufficient short-term foreign currency liquidity to service foreign exchange debt in the event of brief market closure, Fitch Ratings said Thursday in a report.
  • Fitch indicated that they have enough liquidity to cover maturing short-term wholesale liabilities in addition to at least a moderate outflow of deposits.
  • Warned, however, that a prolonged market closure combined with foreign currency deposit outflows could seriously test liquidity, given the banks' increased reliance on the CBRT
  • "All seven banks' funding bases are highly dollarized, reflecting high FC deposits, which have increased sharply in recent years due to lira depreciation and inflationary pressures," the report said.
  • "Refinancing risks for Turkish banks have increased significantly since 2018 as a result of high foreign debt exposure amid increased geopolitical and macroeconomic risks, weak monetary policy credibility and heightened market volatility"
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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