On the other hand, the Turkish lira has not been affected by the earthquake and has kept its value stable against the dollar, with an exchange rate that oscillates around 18.8 units, practically unchanged in the last month.
For his part, the shares of the Garanti bank, the Turkish subsidiary of BBVA, also shot up 10% when the Istanbul Stock Exchange opened after a week of closure caused by the earthquake a week ago. One hour after opening, the shares of Garanti BBVA were trading at 23.1 liras, an increase of 9.9% compared to the previous close, on Tuesday, February 7, in the BIST 100 index.
The advance of Garanti BBVA is at the level of the general rise of the Stock Market, and very similar to that of other Turkish banks, such as Akbank, Halkbank or Vakifbank, whose profits range between 9.5 and 10% in the first hour. The Spanish bank BBVA, which began to acquire part of Garanti in 2011, has owned 86% of the shares of this bank since last May, one of the most popular in Turkey.
The Turkish authorities confirmed 35,500 deaths due to the earthquakes registered last week in the province of Kahramanmaras, near the border with Syria, which have left more than 39,000 deaths in both countries, according to official balances.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
