Fitch: Turkey rating upgrade uncertain due to large CA deficit.

By bne IntelliNews July 22, 2011
Bloomberg quotes Ed Parker from Fitch as saying that due to the scale of current account deficit and growth in bank loans there is uncertainty over a possible upgrade of Turkeys credit rating. Parker comments that given the pace of the GDP growth, the size of the CA deficit, and the recent pace of bank loan growth, there are signs that the Turkish economy is growing above its potential and overheating. When evaluating the central banks policy, Parker asserts that the results of the banks unorthodox policy so far are mixed at best. As a final note, managing director of Fitch Ratings, Parker, comments that Turkey is more vulnerable to fallout from the EU debt crisis compared with other developing nations.
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