• World - Europe
  • Updated: June 09, 2023

Turkey’s President Erdogan Names New Central Bank Chief

Turkey’s President Erdogan Names New Central Bank Chief

The Central Bank of Turkey

President Recep Erdoğan on Friday named a former senior U.S.-based bank executive as the country's new central bank chief.

This comes in what analysts say marks another signal that an economic policy overhaul could be in the pipeline of the newly elected government.
Erdoğan named Hafize Gaye Erkan, a former co-CEO at First Republic Bank and managing director at Goldman Sachs, as governor.

The Princeton-educated Erkan, 41, is the Turkish central bank’s first woman governor.

The appointment comes as Erdoğan reshuffled his economic team after winning reelection on May 28 that extends his rule into the third decade.

The fifth central bank chief in four years, Erkan replaces Şahap Kavcıoğlu, who spearheaded the easing drive that saw the monetary authority slashing its benchmark policy rate to 8.5% from 19% in 2021.

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