Fitch comments on US sanctions, bank solvency

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Fitch comments on US sanctions, bank solvency

Financial Markets Fitch comments on US sanctions, bank solvency Any U.S. sanctions on Turkey would have a 'significant impact' on sentiment around the

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Financial Markets Fitch comments on US sanctions, bank solvency Any U.S. sanctions on Turkey would have a ‘significant impact’ on sentiment around the Turkish lira, credit rating agency Fitch… 12 June 2019 Any U.S. sanctions on Turkey would have a ‘significant impact’ on sentiment around the Turkish lira, credit rating agency Fitch said on Tuesday, as ties are strained between the two NATO allies over Ankara’s planned purchase of a Russian missile defense system. In a conference call, Paul Gamble, senior director and head of emerging Europe at Fitch Ratings, also said it expected the Turkish economy to contract by 1.1% in 2019, including negative growth in the second quarter. Turkey’s decision this year to inject its state banks with capital shows Ankara’s will to support the financial sector and limits the risk for a rating downgrade, credit rating agency Fitch said on Tuesday. In a conference call, Fitch also said it sees weaker growth in the Turkish banking sector this year compared to previous years. The high level of deposit dollarisation in Turkish banks could put pressure on the lenders’ foreign exchange liquidity in the event of a forex deposit outflow, credit rating agency Fitch said on Tuesday. If the Turkish central bank’s reserves are used for intervention on exchange rates, that could present a concern, the credit rating agency told a conference call about the Turkish economy. It also added that it predicted a worsening of non-performing loans (NPL) ratio in the Turkish banking sector, which stood at 4.1% at the end of April. Various press sources

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