Business · Economy · 1 hr ago
BBVA chief says Turkish inflation may remain near 30% next year
At the COP31 climate summit in Antalya, BBVA CEO Onur Genç said Turkey’s inflation may stay high next year.
He put his current estimate at 25% to 30%, possibly near 30%, and said the forecast remains uncertain.
Genç said interest rates are unlikely to fall unless inflation declines, because borrowing costs need to move with inflation.
He also said problems at some investment funds had a limited effect on banks and were unlikely on their own to change foreign investors’ view of Turkey.
He argued that energy dependence leaves Turkey economically vulnerable, including through its effect on the current-account deficit.
He said more renewable power, backed by storage and stronger electricity networks, could help improve resilience and competitiveness.
BBVA has pledged €1 trillion in sustainable financing from 2018 to 2029; Genç said the bank had provided €250 billion from the start of 2025 to the end of September.
BBVA CEO Onur Genç said Turkish inflation could be between 25% and 30% next year, and estimated it could remain close to 30%.
He said energy prices and other factors could keep inflation from falling significantly.
Genç said interest rates would not fall if inflation did not decline.
He said recent problems involving some funds were limited in their effect on the banking sector and were unlikely by themselves to change foreign investors’ view of Turkey.
Genç also said BBVA had committed to provide €1 trillion in sustainable financing between 2018 and 2029.
- Who
- Onur Genç, BBVA’s CEO.
- What
- He said Turkish inflation could remain between 25% and 30% next year, possibly close to 30%.
- When
- He made the remarks on November 12, 2026. He was discussing inflation next year.
- Where
- Antalya, Turkey, during the COP31 climate summit.
- Why
- Genç said energy prices and other factors could affect inflation. He said interest rates depend on inflation falling.
This story does not have two clearly opposing sides.
BBVA’s sustainable financing commitment covers a total of €1 trillion.
Genç said BBVA had provided €250 billion in sustainable financing, including €60 billion related to electrification.
Genç discussed the inflation outlook with journalists in Antalya during the COP31 climate summit.
- Inflation forecast
- 25%–30% next year; Genç said it could be close to 30%
- Location
- Antalya, Turkey
- BBVA sustainable financing commitment
- €1 trillion for 2018–2029
- Sustainable financing provided
- €250 billion from the beginning of 2025 to the end of September
- Electrification financing
- €60 billion within that €250 billion figure
1 source
What people are saying
We estimate it will be between 25 and 30 for now.
If inflation does not fall, interest rates will not fall.
I do not think that issue alone will change foreign investors’ view of Turkey.