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Moody's has revised Turkey's growth rates for 2020 and 2021 from minus 5 percent to 1.1 percent and from 3.5 percent to 4 percent, respectively.

The agency also downgraded Turkey's bond rating on Friday.

International credit rating agency Moody’s has announced that while the economy of Turkey will grow by 1.5 percent in 2018, it will contract by 2 percent in the following year. Fitch has also warned that the country could go into recession in 2019.

International credit rating agency Moody’s has downgraded the foreign currency deposit ratings of Akbank, Alternatifbank, ING Bank, QNB Finansbank, Ziraat Bank, Türk Ekonomi Bank, Garanti Bank, Türkiye Vakıflar Bank and Yapı ve Kredi Bank.

Moody’s has lowered Turkey’s country ceiling for long-term foreign currency bank deposits from B1 to B2, stating that there is a “risk that the government places constraints on deposit holders’ access to their foreign currency deposits.”

Credit rating agency Moody’s has downgraded 20 financial institutions and banks in Turkey. The Central Bank has responded to it.

After the international credit rating agency S&P downgraded Turkey’s credit rating from BB- to B+, the Moody’s has also lowered the credit rating of the country from Ba2 to Ba3.

International credit rating agency Fitch has placed 25 banks in Turkey on rating watch negative while Moody’s has placed Turkey’s credit rating on review for downgrade.