Moody's: Turkey's Structural Issues Continues

Moody's: Turkey's Structural Issues Continues International credit rating agency Moody's has stated that Turkey's structural issues continues. The organization stressed that the change of policy change in Turkey despite the difficulties encountered in a note published in the balance of payments crisis and the risks wrote that Turkey does not disappear. Underlining that structural problems such as credit-based growth, fragility, currency risk and institutional weaknesses cannot be solved without serious reforms, Moody's stated that the long-term policy course remains uncertain because the government has not fulfilled its past commitments. The international credit rating agency Moody's stated the following in its rating: "Turkey's foreign currency reserves of the central bank is very seriously at low levels since the beginning of 2020 due to unsuccessful attempts to defend the TL." In addition to this, credit rating agency Moody's said, because of the capital outflows and the tourism sector being affected by the pandemic, the risk of the balance of payments crisis in Turkey continues.