Turkey ready to establish ‘national’ credit agency, BDDK chairman says

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Mehmet Ali Akben (Photo: Sabah)

Turkey’s Banking Regulation and Supervision Agency (BDDK) Chairman Mehmet Ali Akben said on Friday that they had adopted regulations needed for an “independent and national” credit rating agency, the Diken news website reported.

“The agency will now be established,” Akben said.

Akben also said banks, financial institutions and holdings supported the idea, which they would like to be a broad consensus.

Turkey’s economy management has increasingly been complaining about global credit agencies, including Standard and Poor’s, Moody’s and Fitch, which have recently revised Turkey’s economic outlook to negative.

On June 3 Economy Minister Nihat Zeybekci called recent statements from Fitch and Moody’s “manipulative” and “speculative.”

Amid these discussions, Akben had voiced a need for a “national credit agency” for Turkish banks. He also highlighted the importance of that new agency’s compatibility with the international system.

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