“Turkish National Credit Rating Agency will be Established This Year”

 

Mehmet Ali Akben, President of the Turkish Banking Regulation and Supervision Agency (BDDK), answered the questions of journalists after “Rating Applications in Emerging Market Economies Seminar on China Example” held at Istanbul Commerce University.

Mehmet Ali Akben said, “Turkey’s government plans to establish a local credit rating agency” Answerin the questins of journalist.

” Turkish Banks or a private company also can build it, but it seems a bit difficult  at the moment. Of course, when this work is established, perhaps only within a few years the data will be collected. Expressing that the work for the national credit rating agency is continuing. Maybe establish would be with China or India, maybe if Fitch wil be partnership structure, The domestic credit rating agency will also contribute to the borrowing cost of banks.” he said.

“The rates on our Turkish lira for loans put 100 percent risk pressure. These organizations can reduce the risk to 20 in Turkey at the moment. Maybe they can bring it to zero. Lower credit score can be given in TL. Maybe they can also give you high. The important thing is to have a system and structure that company in Turkey. The history of the national credit rating agency is not clear at this time, but we want to bring it to a point this year. We are aiming to establish this year. Noting that there is no regulation or operation of the BDDK regarding ceiling application for deposit interest.” Akben said.

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