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Turkey Appoints the First Female Central Bank Governor

President Recep Tayyip Erdogan appointed experienced banker Hafize Gaye Erkan as the new Central Bank Governor on Friday, according to the sources.

Anadolu news agency on Friday reported that President Erdogan named Hafize Gaye Erkan as the new Central Bank Chief, being the first lady to serve in this key position in Turkey’s history.

Erkan 41, is a graduate of Istanbul’s Bogazici University and earned her doctorate in operations research and financial engineering at Princeton University.

Previously, Ms. Erkan served in senior positions including at Goldman Sachs and the San Francisco-based First Republic Bank, which collapsed in May more than a year after Erkan stepped down as co-chief executive officer. 

President Erdogan appoints a woman as the chief of Turkey’s central bank, while Sahap Kavcioglu the former head of the central bank’s tenure was accompanied by an increase in the inflation rate.

This comes as President Erdogan had promised the people of Turkey during his presidential campaigns that his administration would control the growing inflation.

Erkan’s success will depend on how much autonomy she will be able to carve out at the central bank given that her predecessor largely followed guidance from Erdogan.

The new appointment comes as Turkey is already plagued with growing inflation and a cost-of-living crisis, which could possibly set the stage for interest rate hikes in the coming months.

Source: Khaama Press