BBVA in 2012

13Exchange ratesIn the currency markets, the euro depreciated significantly against the dollar in the first half of theyear due to the heightened perception of risk regarding the European debt crisis. Nonetheless,the steps taken by the ECB during the summer designed to reduce fragmentation in theEurozone’s financial markets helped strengthen the euro in the second half of the year. In sum,the dollar gained 8.3% against the euro. Currency movements against the dollar in the emergingmarkets have also been determined by perceived risk. Given that the problems were focused onthe Eurozone, however, global liquidity has continued to rise and, as a result, the perception inthese economies is of a sounder macro-economic environment. Thus, relatively speaking, theircurrencies have been less affected by episodes of risk, resulting in favorable overall performanceof the currencies with the greatest weight in BBVA’s financial statements. As a result, exchangerates had a positive impact on the year-on-year comparison of the Group’s financial results.Regarding year-end exchange rates, the dolar lost 1.9% against the euro over the last twelvemonths. The Chilean peso has also appreciated against the euro (6.5%), as have the Colombianpeso (7.8%), the Mexican peso (5.0%), the Peruvian nuevo sol (3,6%) and the Turkish lira (3.7%).However, the Argentinean peso and the Venezuelan bolivar fuerte have depreciated. To sum up,the exchange-rate effect is also positive on the balance sheet and activity.In 2013, the dollar is expected to continue appreciating slightly against the euro, while thecurrencies of emerging economies will have some room for appreciation against the dollar.Exchange rates(Expressed in currency/euro)31-12-12Year-end exchange ratesD% on31-12-11 31-12-11D% on31-12-10 2012Average exchange ratesD% on2011 2011Mexican peso 17.1845 5.0 18.0512 (3.7) 16.9033 2.3 17.2906 (1.0)U.S. dollar 1.3194 (1.9) 1.2939 1.3 1.2850 8.3 1.3916 3.2Argentinean peso 6.4768 (14.0) 5.5679 (15.3) 5.8434 (1.7) 5.7467 (9.8)Chilean peso 633.31 6.5 674.76 (1.3) 625.00 7.5 672.04 8.1Colombian peso 2,331.00 7.8 2,512.56 9.7 2,309.47 11.3 2,570.69 9.1Peruvian new sol 3.3678 3.6 3.4890 11.4 3.3896 13.1 3.8323 10.5Venezuelan bolivar fuerte 5.6616 (1.9) 5.5569 1.4 5.5187 8.3 5.9765 1.9Turkish lira 2.3551 3.7 2.4432 (12.1) 2.3139 1.1 2.3383 (13.7)Chinese yuan 8.2207 (0.8) 8.1588 7.3 8.1063 10.9 8.9932 10.7D% on201038 Executive summary