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BBVA Turkey Unit Calls for Tighter Monetary Policy to Save Lira

  • Garanti Bank CEO Erbil says fiscal discipline also needed
  • Lira has lost 42% of its value against the dollar this year
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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.”