Report: Downgrading of Turkey’s sovereign ratings may affect Azerbaijan

Baku. 9 March. REPORT.AZ/ Moody’s rating agency has downgraded Turkey’s sovereign ratings to Ba2 citing a continued loss of institutional strength and the increased risk of an external shock given its wide current account deficit. This will affect developing countries, including those in the region having close trade relations with Turkey.

Analytical Group of Report News Agency informs, downgrading of Turkey’s sovereign rating will affect Azerbaijani manat.

The growth in US-dollar rate in Turkey will increase the pressure on the Azerbaijani manat and will have a negative impact on the Russian ruble. Depreciation of ruble and lira will have double pressure on manat.