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GCC banks with Turkish units ‘may post $2.8 billion losses’

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GCC banks with Turkish subsidiaries may report higher net monetary losses of nearly $2.8 billion in 2024 before falling to about $1.4bn in 2025 with the onset of disinflation, Fitch Ratings said in a new report.

“If disinflation is at least in line with our expectations and continues after 2025, GCC banks will probably stop using hyperinflation reporting from 2027,” the rating agency said.

The Turkish subsidiaries of GCC banks reported net monetary losses of $2.6bn in 2023 and $1.9bn in 2022, with inflation averaging 53 per cent over…



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