The head of Spain’s Banco Bilbao Vizcaya Argentaria SA’s Turkey unit urged the central bank to tighten monetary policy to contain the lira’s decline.
“Something has to be done about interest rates,” Ali Fuat Erbil, chief executive officer of Turkiye Garanti Bankasi AS, the country’s second-largest bank by market value, said in an interview aired by NTV. “Besides fiscal discipline, monetary tightening is the remedy. Is there need for that? Yes there is.”