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For BBVA Turkey is expensive: it falls dragged by the new lows of its lira

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BBVA it has fallen by 2.48% and this Monday has been unmarked as one of the worst values ​​of the Ibex 35. The bank has been dragged by the collapse to the lows of the Turkish lira, a country in which it enjoys a particularly high exposure.

The Turkish lira has lost 26% of its value against the US dollar since the beginning of the year. Currently, it is exchanged in eight dollars, minimums never seen in the currency of the Ottoman country.

Its pairing with the euro is also going through its worst moment, and the lira is currently trading at 9.52 against the eurozone currency. The fall of the lira is part of the actions of the country's central bank, that it has disappointed the markets by refusing to raise its interest rates.

The action of the central bank comes at the worst moment for Turkey, which already has certain strains in its relationship with NATO and its allies, such as France, Greece and the United States. The country's president, Tayyip Erdogan, angered the Gauls this weekend by hinting that his French counterpart, Emmanuel Macron, should go to the psychologist. France has been quick to respond to what they consider to be an "unacceptable" attitude by withdrawing its ambassador in Ankara from the country.

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