S&P Warns Turkish Lira Will Depreciate Until 2022

Standard and Poor's said on Tuesday that it expects the non-performing loan ratio in Turkey's banking sector to double to 8 percent and that the economy is experiencing a hard landing. S&P last week affirmed Turkey's sovereign ratings and maintained its stable outlook. It previously downgraded Turkey in August, following a sharp decline in the value of the lira, which sparked concern about the state of the banking sector.