ANKARA
Despite acknowledging warnings of Moody’s and Fitch's partially correct, Turkey's Finance Minister, Mehmet Simsek criticized international credit rating agencies for being superficial in their analyses.
The remarks came after Fitch defined Turkish corporates as the most exposed among EMEA emerging markets to a scenario of slowing growth, rising interest rates and a persistently weak local currency while Moody’s warning for Turkey as externally vulnerable due to the political turbulence and market volatility.
He reiterated that Turkey’s macro economy is not as fragile as claimed and he emphasized that his confidence in the economy particularly with the current account deficit which was noted as one of the main factors of the fragility of the economy, would shrink considerably this year.
Simsek explained that 80 percent of Turkish companies with foreign exchange debt, also have foreign exchange revenue with the private sector external debt position extending to mid to long term.
Simsek also predicted that the Turkish Lira is to increase in value in the mid to long term.
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