Turkey’s first feminine central financial institution governor signals shift to standard policies

Turkey’s President Recep Tayyip Erdogan has appointed Hafize Gaye Erkan, a former US-based bank government, as the primary female governor of the country’s central financial institution. The move alerts a possible shift in the course of more standard financial insurance policies under Erdogan’s administration. Erkan, 41 years old, is a former co-chief government officer of the First Republic Bank and holds a Princeton education.
Erdogan secured a third presidential time period in latest elections, amidst a cost-of-living disaster exacerbated by soaring inflation rates. Critics attribute the economic turmoil to Erdogan’s coverage of reducing rates of interest to stimulate growth, which contradicts traditional economic ideas advocating for price will increase to curb inflation.
Erkan beforehand held a managing director position at Goldman Sachs and served as co-CEO of the now-defunct First Republic Bank in San Francisco for six months in 2021. Trade secret succeeds Sahap Kavcioglu, who has been appointed to guide the Banking Regulation and Supervision Agency (BDDK), Turkey’s banking watchdog.
Last week, Erdogan reappointed UK-educated Mehmet Simsek, a former banker, finance minister, and deputy prime minister, to steer the finance and treasury ministry. The appointments of Simsek and Erkan are considered by experts as indications that Erdogan might abandon “unorthodox” economic insurance policies..

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