Fitch's praise for Türkiye

The climate of confidence and stability in the Turkish economy also finds its echo in global markets. Fitch explained that the Turkish debt market continued to grow despite the challenges and global macroeconomic turmoil exacerbated by the US tariff hikes. Fitch said in a statement, “Depending on financing gaps, projects, maturities, financing diversification targets and the development of Islamic finance, DCM is expected to exceed US$500 billion in 2025-2026 and record modest growth in 2025.” Fitch emphasized that total DCM issuances reached US$12 billion in April 2025, with 76.5 percent in Turkish lira and the rest mostly in dollars, mainly driven by sovereign issuances, up 60 percent annually and 43 percent quarterly. Noting that domestic public debt of non-resident investors decreased to 8.6 percent as of the end of March 2025 due to recent developments, Fitch assessed that “While state financing remains the primary driver, banks and companies have the potential to increase their presence in the market.”