The international credit rating agency said the move reflects “a further reduction in external vulnerabilities,” citing faster-than-expected growth in foreign exchange reserves, improved reserve quality, a decline in foreign-currency contingent liabilities, and the continuation of relatively tight macroeconomic policies, News.Az reports, citing Turkish media.
Fitch noted that gross foreign exchange reserves increased to $205 billion in mid-January from $155 billion at the end of 2024. Net reserves, excluding swaps, also recovered sharply, rising to $78 billion from minus $66 billion in March 2024.
The agency also highlighted an improving external financing position, projecting external liquidity to climb to nearly 100% by 2027, up from 80% at end-2024. This outlook is supported by Türkiye’s track record of maintaining access to external financing and the resilience of its banking sector.
Fitch added that Türkiye’s large and diversified economy, along with low government debt levels, continues to underpin the current rating.
