Mexico rate assumption, we are not giving it that — you didn’t miss it. I didn’t give it. The guidance that we have for Mexico NII is grow at mid-teens. Very clear, mid-teens growth in NII. All of that is baked into it. Regarding Turkey, you are asking for reassurance. You are saying that how can you be that confident and so on. overall, in the guidance, I’m going to read it to you literally, Turkey. In a highly uncertain environment, contribution could be similar. I mean — this is as much flexibility as we can bake into the sentence. It’s very uncertain in Turkey. And our expectation, looking into the again, how we started the year, looking into our bank there, which is a very strong bank, we do feel that the system has to come up into a new balance at some point.
But given the strength of our franchise, some profitability has to be there. Otherwise, the banking system will be hurt and so on, and we are one of the strongest in the whole banking system in terms of capital, in terms of the customer franchise and so on. Given what we are seeing at the beginning of the year, we do have this clear expectation that we do have this expectation. Let me take out the clear expectation that we will repeat 2022. But there are a lot of uncertainties. We have to see the elections, we have to see the evolution of the monetary policy. At the moment, as you can see, the policy rate is 9% in a country where inflation is 65%. We do think that this will change at some point. When it changes at that point, which is our base case, then the interest rates will go up, deposit rates will go up, and you might be left with a loan book, which might not be priced as quickly as deposits, and you might be seeing some losses even in those periods.
This is what we have all baked into our guidance and into our planning. And despite all that, we still see a profit output coming from Turkey. But we have to see the elections and we have to see how the monetary policy evolve. After that, the only thing that we know is that we are managing the bank in a very prudent, and as Rafa said, in a very anticipatory manner. The duration, the maturity of our loan book has been coming down. We are going for short term, short term, short term, but there will be a repricing of deposits at some point when the policy rate normalizes or changes. We are managing it in such a prudent way, and we have such a great bank that we do think that we can give you that guidance. But in terms of language, you can add as much flexibility into that language that you like because the uncertainty level in Turkey is obviously very high at these days.
And we are clearly aware of those, and we have injected some of that assumptions into our planning. It was a long answer, but basically saying that Turkey is very uncertain. This is our best guess, an informed best guess, but it’s our best guess at the moment.
Operator: Our next question is from Sopfie Peterzens from JPMorgan. Your line is open. Please go ahead.
