Bolat: International Credit Rating Agencies Confirm the Positive Results of Our Economic Program

The Minister of Trade, Ömer Bolat, stated, "The positive results of our economic program are being confirmed by international credit rating agencies that have consecutively upgraded our country's credit rating, as well as by the improvement observed in macroeconomic indicators."

In a statement on his X account, Bolat remarked: "The process of improvement in numerous macroeconomic indicators under our government's economic program continues satisfactorily. Alongside the strong stability achieved in monetary and foreign exchange markets, positive developments have been recorded in many macro indicators such as economic growth, increased employment, a reduction in the foreign trade deficit, and an improvement in the current account balance, a significant increase in our Central Bank's reserves, two upgrades by credit rating agencies, a rapid decline in CDS premiums, and a swift reduction in the annual inflation rate over the last five months.

In this context, the annual CPI inflation, which peaked at 75.5% in May of this year, has decreased for the last five months, dropping to 48.58% in October, representing the lowest level in the past 15 months and remaining below the policy interest rate for the second consecutive month. In October, the Consumer Price Index (CPI) increased by 2.88% monthly and 48.58% annually, while the Domestic Producer Price Index (D-PPI) rose by 1.29% monthly and 32.24% annually.

The reduction in the foreign trade deficit and the improvement in the current account balance, achieved through the foreign trade policy measures implemented by our Ministry of Trade, are also contributing to economic growth and employment increase. Additionally, our Ministry of Trade is supporting the disinflation process through intensive market inspections and sectoral regulations.

The positive results of our economic program and the improvement in macroeconomic indicators are being confirmed by international credit rating agencies, which have consecutively increased our country’s credit rating.

I would like to thank our Vice President, all our ministers, relevant institutions, and our devoted people for their contributions to the program we are implementing under the leadership of our President."