Mehmet Şimşek

Standard & Poor's (S&P) has confirmed Türkiye's credit rating as "B" and changed its credit rating outlook from "stable" to "positive."

"Confidence in our medium-term program is increasing," Treasury and Finance Minister Mehmet Şimşek wrote on social media platform X on Dec.1, commenting on S&P's move.

Turkish economy grew by a more-than-expected 5.9 percent in the third quarter of 2023 from a year earlier, with GDP growth accelerating from 3.9 percent in the three months to June, data from the Turkish Statistical Institute (TÜİK) have shown.

One of the main pillars of the medium-term program is to establish the disinflation course, Finance Minister Mehmet Şimşek said, adding that they aim to bring inflation under control this year and lower it to single digits in 2025-26.

Turkish government bonds are becoming more attractive following the Central Bank's monetary policy adjustment in recent months, BNP Paribas has said in a recent report.

Policy rates and local deposit rates have already adjusted sufficiently to provide positive ex-ante real rates versus inflation expectations, it said.

Investor confidence will be further strengthened and foreign fund inflows into Türkiye will accelerate, Finance Minister Mehmet Şimşek has said.

The government does not mull adding new assets to the privatization portfolio, Treasury and Finance Minister Mehmet Şimşek has said.

The government aims to achieve a more balanced, inclusive and sustainable high growth level, Treasury and Finance Minister Mehmet Şimşek has said, also vowing to reinstate fiscal discipline.

Monetary and fiscal policies will be used in the fight against inflation, according to the statement released after the Economy Coordination Board (ECB) meeting.

The board, chaired by Vice President Cevdet Yılmaz, convened on Oct. 30.

The bilateral trade volume between Türkiye and Germany is expected to surpass $50 billion at the end of this year, top Turkish officials have said.

Germany's Economic Affairs and Climate Protection Minister Robert Habeck and an accompanying delegation were in Türkiye this week for high-level talks.

Habeck met with Finance Minister Mehmet Şimşek and Trade Minister Ömer Bolat.

Concerns about Türkiye's economic program are misplaced, Treasury and Finance Minister Mehmet Şimşek has said, reiterating that the economic team has the backing of President Recep Tayyip Erdoğan.

"Türkiye is back with a new program and a new team. Political uncertainties are out of the way," Şimşek told a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.