World Bulletin / News Desk
A local credit rating agency will direct foreign investments to Turkey in the coming years, chairman of the Participation Banks Association of Turkey said.
"An independent rating agency which has high acceptability and understands the market requirement will strengthen Turkey," Metin Ozdemir said.
The agency has been on the cards for sometime.
The Banking Regulatory and Supervision Agency (BDDK) prepared regulations for the agency, which will be established with the partnership of BRICS -- Brazil, Russia, India, China and South Africa -- countries.
"We can achieve this target by following principles, gaining reputation and establishing an independent supervision and administration structure," he added.
He noted that establishing the agency with the partnership of BRICS countries, which have one-fifth of the world economy, will go a long way.
"We expect objective and economy-based remarks from international rating agencies -- Moody's, Standard&Poor's, Fitch -- instead of political views," he said.
Otherwise, he added, their evaluation would lose credibility.
International agencies' ratings -- based on the economy, politics and social risks -- help investors choose a country and determine borrowing costs, he noted.
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