Turkey aims to establish national credit rating agency

By Musab Turan and Handan Gunes

ISTANBUL (AA) - Turkey is aiming to establish a national credit rating agency in 2018, banking watchdog chief said on Monday.

Speaking to reporters, Mehmet Ali Akben, the head of the Banking Regulation and Supervision Agency (BDDK), said that the credit rating agency will most likely be established by Turkish banks.

"The exact date has yet to be set but we want to bring it to fruition sometime this year. We're aiming for its establishment this year," he said.

The agency will compile all information needed to establish a working agency within a few years, he said.

He said the agency might reduce banks' risk weight to zero and will help with their borrowing costs.