Ankara: The international rating agency Fitch Ratings has upgraded the outlook on Trkiye's long-term foreign-currency issuer default rating from 'stable' to 'positive' and affirmed the rating at 'BB-', APA-Economics reports. This decision was attributed to the faster-than-expected increase in foreign exchange reserves and a reduction in external vulnerabilities. According to Azeri-Press News Agency, Trkiye's total foreign exchange reserves reached USD 205 billion in January 2026. Excluding swap operations, net reserves recovered from negative levels to USD 78 billion. Fitch views declining dollarization and the relatively tight macroeconomic policy stance as positive factors. However, high inflation and political interference in monetary policy continue to pose significant risks to the rating. The agency forecasts inflation to be at 19.5% by the end of 2027.