Turkey's Prime Minister Tayyip Erdogan addresses members of parliament from his ruling AK Party during a meeting at the Turkish parliament in Ankara June 3, 2014. Credit: Reuters/Umit Bektas Turkey's Prime Minister Tayyip Erdogan addresses members of parliament from his ruling AK Party during a meeting at the Turkish parliament in Ankara June 3, 2014. Credit: Reuters/Umit Bektas

Fitch downgrades Turkey's debt after central bank chief dismissal

By: MENA
Sat, Jul. 13, 2019
WASHINGTON, July 13 (MENA) - Ratings agency Fitch on Friday downgraded Turkey's sovereign debt by one notch to 'BB-' with a negative outlook, after President Recep Tayyip Erdogan sacked the governor of the central bank.

The firing of Murat Cetinkaya last weekend for failing to follow government instructions "risks damaging already weak domestic confidence," Fitch said in a statement quoted by France 24 channel on Saturday.

It also could jeopardize foreign investment which the country needs and create "worsening economic outcome."

Erdogan has repeatedly railed against high interest rates and called for them to be lowered to stimulate growth.
 
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