Fitch downgrades Turkey's debt after central bank chief dismissal
Saturday 13/July/2019 - 04:49 PM
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.
