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S&P Global Raise Turkey Credit Outlook to 'Positive'

TURKEY
  • Turkey’s credit rating outlook was raised to 'Positive' by S&P Global with the rating affirmed at 'B'. The ratings agency noted that “Turkish policymakers are making progress toward cooling down the overheated economy, while slowly rebuilding the central bank’s depleted stock of net foreign currency reserves” adding that “We could raise the rating should balance of payments outcomes improve, and domestic savings in Turkish lira rise, leading to a rebuilding of Turkish usable foreign currency reserves.”
  • Lenders will be able to offer rates that are below policy rate for foreign currency protected accounts to encourage TRY deposits, according to central bank decree published in Official Gazette. Rates offered for FX protected deposits won’t be lower than 85% of policy rate, Anadolu Agency wrote.
  • Furthermore, the discount rate to be used in rediscount transactions carried out on notes that have a maximum of 3 months to maturity has been raised to 40.75% from 35.75%, while the rate on advance transactions was raised to 41.75% from 36.75%.
  • Turkey’s Manufacturing PMI Index fell to 47.2 from 48.4 in October – the lowest reading since November 2022. New Orders fell to 44.3 versus 45.3 the month prior and marked the fifth consecutive month of contraction.
  • The Minimum Wage Commission will hold its first meeting today to set the minimum wage that will be valid in 2024, Ekonomi report. The newspaper note that the figure is usually announced in the last 10 days of the month.
  • Istanbul Chamber of Commerce publishes November retail price developments at 0900GMT/1200 local time. In October, annual retail inflation in Istanbul slowed to 72.73% from 73.18% the month prior.
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