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A little more colour on Fitch's outlook revision of Turkey's sovereign credit rating. The rating agency noted that the revision of the Outlook reflects the following key rating drivers and their relative weights:
- A depletion of foreign exchange reserves, weak monetary policy credibility, negative real interest rates, and a sizeable current account deficit partly fuelled by a strong credit stimulus, have exacerbated external financing risks. Political pressures, the limited independence of the Central Bank of the Republic of Turkey (CBRT), and a track record of being slow to respond to events, increase the risk that policy is tightened insufficiently, contributing to further external imbalances, market instability, and a more disorderly adjustment.
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