Former US Finance Director Hafiz Gaye Erkan appointed as Head of Turkey’s Central Bank

Turkish President Recep Tayyip Erdogan has appointed Hafiz Gaye Erkan, a former US finance director, to head Turkey’s central bank, which is preparing to reverse course and tighten policy after years of interest rate cuts and amid an ongoing spending crisis for life, reported Reuters.

Erkan, former co-CEO of First Republic Bank and managing director at Goldman Sachs. She takes over the leadership of the Turkish Central Bank after Erdogan unveiled his new cabinet at the end of last week.

Erkan is the fifth head of the central bank in four years. She replaces Sahap Cavcooglu, who pushed through Erdogan’s unconventional policy of cutting interest rates from 2021, even as inflation rose to a 24-year high last year and the Turkish currency collapsed.

The announcement of Erkan’s appointment, published in the State Gazette, was accompanied by the decision to appoint Cavcooglu as the head of the country’s banking supervision authority.

Erkan’s education includes a PhD in financial engineering from Princeton. Erkan worked at First Republic from 2014 to 2021. This year, the same bank became the largest US bank to fail since 2008. Then control over it was taken over by regulators in the US, and then the bank’s shares were acquired by JP Morgan.

Source: BTA

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2023-06-09 02:41:00
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