Title: Fitch: Indeterminate Results in Turkish Presidential Elections Extend Uncertainty

Fitch Ratings announced that "Turkey is facing a runoff in the presidential elections amid increasing macroeconomic and external pressures," noting that "the indeterminate presidential elections extend the uncertainty surrounding politics and economic policies, at least until the runoff in late May." It highlighted that "an organized conclusion to the electoral process and a smooth transition to new teams responsible for economic policy, in the event of an opposition victory, would reduce uncertainty." It revealed that "the upcoming Turkish government faces pent-up demand in the foreign exchange market, pressures on the lira, a significant current account deficit, declining international reserves, and high inflation."