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Fitch closes Istanbul office ahead of Turkey ratings decision

Fitch said on Friday it has decided to close its office in Istanbul in move that came before a ratings decision scheduled for later in the day. The ratings company said on Friday morning that the decision “reflects Fitch’s desire to maintain an optimal office network structure and sufficient level of resource in …
Turkey’s central government’s budget balance saw a deficit of 47.4 billion Turkish Liras ($12.9 billion) last year, Finance Minister Naci Ağbal announced on Jan. 15.
Turkey’s currency has weakened both against the U.S. dollar and the euro, as geopolitical risks escalate over a possible military operation by Turkey in the Afrin region of northern Syria.

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