Pocket warming news in Turkey financial circles this month, as Moody’s, a leading provider of credit ratings and risk analysis, has raised Turkey’s govenment bond ratings from Ba1 to Ba2 status – re-enforcing confidence in Turkey’s growing fiscal standing.
The announcement saw the strength of the Turkish Lira leap from 1.7980 to 1.7875 against the US Dollar and the Turkish stock index rise by one per cent.
The agency explained the upgrade to result from the significant strengthening Turkey`s public finances have undergone so far which have improved the resilience of its sovereign balances.
Turkey’s rating could potentially be lifted to the ‘investment’ tier of Moody’s grading system if current account deficits continue to shrink in Turkey.
This is welcome news for those looking to Turkey for property investment and capital growth opportunities.