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BBVA expects a neutral effect on its accounts due to hyperinflation in Turkey

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The president of Spanish bank BBVA said on Monday that the bank expects a neutral impact on its accounts a year after applying “hyperinflation” accounting in Turkey.

“What we have seen from our experience in the past is that it has a positive effect on capital and it will have a negative impact on earnings, which means that the effects on the contribution of the subsidiary during the first year will be practically neutralized,” Carlos Torres said.

The Spanish BBVA recently increased its stake in its Turkish bank Garanti to 86%.

Given that inflation in Turkey reached 73.5% in May, Torres reiterated on Monday that the bank could start applying “hyperinflation accounting as early as the second quarter.”

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