Last week the Central Bank of Turkey raised its interest rate to 10.25% (compared to 8.25% previously). The Turkish lira recovered by 1% briefly against the euro and the dollar, but soon retook its downward trend. However, the move did give an unexpected boost to BBVA. Through its subsidiary Garanti, Turkey has become the Spanish bank’s third largest market by volume. BBVA’s shares shot up 5.3% (2,284 euros). A few days earlier, BBVA shares had recorded their minimum annual level of 2.16 euros