New head of Central Bank of Turkey appointed by President Erdogan

The management has been dismissed at the Central Bank, which has played a role in the upward explosion of exchange rates by going to interest rate cuts in line with President Tayyip Erdogan’s claim saying “interest is the cause of inflation” and has been the subject of a great controversy.

Hafize Gaye Erkan, who holds a doctorate in the United States and held senior positions in the American financial sector, was appointed Central Bank Governor by Turkish President Erdogan at the request of Treasury and Finance Minister Mehmet Şimşek.

ERKAN BECOMES FIRST WOMAN APPOINTED TO CENTRAL BANK GOVERNOR POST IN TURKEY

Erkan with age of 41, has become the first woman appointed to this post. Erdogan dismissed Şahap Kavcıoğlu, who listened to his views on interest rates all along, from the post of Central Bank Governor, but appointed him to the Presidency of the Banking Regulation and Supervision Agency (BRSA).

The appointment highly anticipated in the world of economics, finance, politics and academia was published in Friday June 9, 2023 issue of the Official Gazette. Hafize Gaye Erkan’s name was noted to be written as “Central Bank Governor” on Wikipedia the day before the appointment decision was published in the Official Gazette.