Turkish Minister of Treasury and Finance Mehmet Şimşek has issued a statement on social media regarding Moody's recent upgrade of Türkiye's credit rating from ‘B3’ to ‘B1’.

This marks the first two-notch increase in Türkiye's credit rating by Moody's in 11 years.

In a statement on X, Şimşek attributed the upgrade to several key factors, including economic rebalancing, a decreasing need for external financing, increasing international reserves, and an effective disinflation process.

He expressed satisfaction with the positive outlook maintained by Moody's, which reflects confidence in Türkiye's economic program and points to potential further rating upgrades.

Şİmşek reaffirmed Türkiye's commitment to continuing the implementation of rule-based and predictable policies to increase the resilience of the economy.

Şimşek also emphasized that the credit rating upgrade by Moody's is a significant milestone, demonstrating the effectiveness of Türkiye's economic measures and the country's ongoing efforts to stabilize and strengthen its economy. (ILKHA)