BBVA Turkey Unit Halts Interest Rate Forecasts Amid Uncertainty
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Turkiye Garanti Bankasi AS, a unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, has stopped publishing forecasts for Turkish interest rate decisions due to policy uncertainty, according to two employees with direct knowledge of the matter.
The move came after the central bank started a surprise rate-cut cycle in September without giving clear policy guidance, the employees told Bloomberg, speaking on condition of anonymity as no decision has been announced. A spokesperson for Garanti said in an emailed statement that there was no “corporate decision” to stop participating in interest rate surveys, but the lender didn’t submit an estimate for Bloomberg’s tally in October and this month and hasn’t published a projection.