Moody’s says it has changed its outlook on the Turkish banking system to stable from negative.

• Operating environment for banks remains “challenging and volatile,” Moody’s says, citing an expected slowdown in economic growth and high inflation.
• “Government’s initial steps to return to orthodoxy in policymaking following the elections in May 2023 is supportive of operating conditions for Turkish banks”, they added.
• They expect real GDP growth at 4.2% in 2023, down from 5.6% last year.