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Why Banco Bilbao Vizcaya Argentaria shares are falling today

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What happened

Spanish bank shares Banco Bilbao Vizcaya Argentaria (NYSE: BBVA) traded more than 7% less at 11:30 am today after the sacking of the head of the Turkish central bank this weekend.

So what

BBVA is present in many regions of the world, including Spain, the United States, Mexico, South America and Turkey. In 2020, the net profits from the company’s activities in Turkey amounted to more than 14% of the total profits.

Over the weekend, Turkish President Recep Tayyip Erdogan sacked central bank governor Naci Agbal, who had recently raised interest rates to counter inflation, a move Erdogan did not approve of. Agbal’s sacking marks the third time Erdogan has fired the central bank chief since 2019.

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Image source: Getty Images.

To replace Agbal, Erdogan installed Sahap Kavcioglu, a former banker, who apparently also does not approve of raising interest rates. The move sent Turkey’s currency, the lira, down 15% to near its all-time low.

According to Reuters, Sean Callow, a senior currency strategist at Australian bank WestPac, said: “The lira is being crushed by investors fearing that the custodian of its value will share their hopes for a stable currency backed by interest rates. real positive interest. Callow also said the lira could go down further.

Now what

Erdogan’s decision could make Turkey’s currency very volatile, scaring investors. It could also lead investors to believe that inflation will get out of hand if Turkey does not want to raise rates, and that there is no free market in the country.

In addition, Banco Bilbao does a lot of business in Europe, which could see its own currency run into problems if Turkey’s problems spill over into the neighboring region.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.



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