The main impact of coronavirus on Turkey’s sovereign credit profile is through external financing risks, Fitch Ratings said in a report published on Friday. Additional takeaways “External pressures remain Turkey’s main credit weakness.” “Turkey’s private-sector external debt rollovers have remained resilient despite financial market volatility as pandemic took hold globally.” “Forecasting a stabilisation of Turkey’s balance of payments in the second half of 2020 but there are sizeable downside risks.” “Not anticipating further large net foreign exchange interventions by the central bank.” “Believing the policy interest rate easing cycle has neared its end in Turkey.” “Anticipating broad continuity in the policy response to managing the balance of payments pressures.” “Resumption of Turkish government external debt issuance, lighter redemption profile in the second half of 2020 to have some stabilising effect on external position.” “Should external pressures become much more acute, policy response would be more uncertain.” Market reaction The USD/TRY pair largely ignored these remarks and was last seen gaining 0.35% on the day at 6.8723. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WHO’s Ryan: Unwise to predict when a COVID-19 vaccine could be rolled out FX Street 3 years The main impact of coronavirus on Turkey's sovereign credit profile is through external financing risks, Fitch Ratings said in a report published on Friday. Additional takeaways "External pressures remain Turkey's main credit weakness." "Turkey's private-sector external debt rollovers have remained resilient despite financial market volatility as pandemic took hold globally." "Forecasting a stabilisation of Turkey's balance of payments in the second half of 2020 but there are sizeable downside risks." "Not anticipating further large net foreign exchange interventions by the central bank." "Believing the policy interest rate easing cycle has neared its end in Turkey." "Anticipating broad continuity in the policy response… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
