World Bulletin / News Desk
Turkey's "fiscal strength" remains a key credit anchor, international credit rating agency Moody’s said on Wednesday.
"Expansionary fiscal policy stance to persist, causing historically favorable debt metrics to weaken somewhat," the agency said in a statement
"We expect that the Turkish government will be reluctant to withdraw its fiscal stimulus, which is propping up growth, leading to modestly rising debt-to-GDP ratios over the next two years. Fiscal strength nonetheless remains a key credit anchor," it added.
Moody's also claimed Sunday's referendum outcome was unlikely to ease political uncertainty.
"Given the slender margin of support for the changes, we expect that Turkish society will remain polarized over this issue, leaving the government preoccupied with both domestic politics and geopolitically driven security risks," it said
The agency also said that business expects some structural reforms.
"Business is calling on the government to enact long-delayed structural economic reforms, but the authorities' willingness to do so could be tempered by their desire to regain electoral support lost in the referendum before the 2019 presidential and parliamentary elections."
Expected strong economic expansion across the world will also underpin industrial and construction fuel demand, the cartel said.
BIST 100 index goes up 0.21 pct, US dollar/Turkish lira stands at 3.83 while euro/Turkish lira rate rises to 4.51
Consumer Prices Index yearly rate at 3.1 percent in November, Office for National Statistics says
International Peace Research Institute says sales by Turkish companies rose in 2016, growing 27.6 pct
Economists predict current account deficit ahead of Monday's expected announcement
Economists predict growth of 9.2 pct for the third quarter of 2017 in Turkey
BIST 100 index up 0.35 pct while US dollar/Turkish lira and euro/Turkish lira rates stand at 3.87 and 4.55, respectively
Industrial output in October increases by 7.3 pct year-on-year, official data show
It struck a new high of $15,242.99 around 1030 GMT, according to Bloomberg News.
The IMF report comes a day after regulators in Beijing drafted new rules to strengthen bank funding, and follows a number of alerts about a ballooning debt problem in the world's number-two economy.
It touched a new high of $14,485 before slipping back to $14,398 in Asian afternoon trade, according to Bloomberg News.
BIST 100 index starts day up 0.64 percent; USD/TRY rate falls to around 3.86
BIST 100 index drops 0.20 pct to open at 103,350.58 pts; U.S. dollar/Turkish lira exchange rate goes up to 3.94
November's annual rate up from 11.90 percent in October, according to official data
Investors’ attention to be dominated by November inflation statistics