ECONOMY

Turkey to establish new credit rating agency

TURKEY TO ESTABLISH NEW CREDIT RATING AGENCY

Turkey's government plans to establish a local credit rating agency, it was revealed on Thursday.

The government will establish a Central Risk Registry Agency to limit systemic risks in the economy during a recently launched Medium Term Program (MTP) to cover 2018-2020.

The new risk agency will build data infrastructure for rating.

Since 2014, international rating agencies -- Moody's, Fitch and Standard & Poor's (S&P) -- have been accused by top Turkish officials, including president Recep Tayyip Erdogan of "overlooking Turkey's economic success" and acting on behalf of "certain interest groups".

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