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TOKYO/ANKARA - "The fluctuations in the Turkish economy in spring did not result in a financial crisis. The markets in Turkey are now calm," said Yoshihiko Tamura, Turkey Analyst of the Japanese Credit Rating Agency (JCR).
"The fact that a financial crisis has been averted can be taken as an indication that Turkey's resilience to market volatility has improved through its structural reforms. With the current account deficit still on the uptrend, it is extremely important for the country to recover and maintain confidence in the market in realizing sustained economic development," told Tamura.
Tamura added that "JCR will keep a close watch on the development of the IMF-led structural reforms and preparations for the EU membership along with the impact the interest rate hikes may have on domestic demand in Turkey."