Middle East

GCC banks at risk in Turkiye, Fitch says – Middle East Monitor

Ratings agency Fitch said on Friday that Gulf Bank, which has a subsidiary in Turkey, reached a net loss of about $950 million in the first half of 2022, Fitch Ratings reports.

According to the report, Turkiye poses a risk to GCC Bank’s capital position due to currency conversion losses due to lira depreciation.

Fitch also said Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates) banks and Turkish subsidiaries should adopt Turkish hyperinflation as Turkey’s cumulative inflation over 100% in the past. I warned you that you must. 3 years.

Last August, Turkiye shook the market by cutting its key interest rate despite inflation nearing 80%.

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https://www.middleeastmonitor.com/20220902-gcc-banks-are-at-risk-in-turkiye-fitch-says/ GCC banks at risk in Turkiye, Fitch says – Middle East Monitor

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