Moodys: Turkeys ratings constrained by external imbalances

By bne IntelliNews November 21, 2012
IMF executive board concluded article IV consultations with Turkey and released an assessment note on Tuesday. The outlook is clouded by external uncertainties, and Turkey remains vulnerable to shifts in market sentiment, given the countrys still large external financing needs, IMF said. Policy priorities thus need to remain geared toward a continued unwinding of imbalances while raising domestic savings and enhancing the economys potential are important objectives over the medium term, IMF directors added. Directors welcomed the medium-term fiscal program for 2013-15 as a step in the right direction. However, the IMF warned that inflation remained above the target band and inflation expectations stay elevated, thus Directors recommended that the central bank adopt a more forward-looking monetary policy stance and closely monitor developments in domestic demand, wages, and capital flows.

Moodys: Turkeys ratings constrained by external imbalances

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