New developments continue to deepen the crisis daily in Turkey under the AKP-MHP regime. International credit rating institution Fitch lowered the long term foreign currency credit rating for 20 Turkish banks and their associates. Fitch stated that the outlook is also negative. 

Fitch listed the reasons for the lowering of the scores as the loss of value for the Turkish Lira, the sudden spike in interest rates and the possible pressure banks may face in performance, asset quality, capitalization, liquidity and funding against the weak growth expectations. 

TURKEY TO FACE HARDSHIP IN 2019 AS WELL 

According to Fitch, Turkish banking sector will face hardships in 2019 as well due to weak economic growth, high interest rates and the estimated increase in problematic credits.