Turkish President Recep Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a U.S. finance official, as head of the Trkiye central bank as it prepares to buck the tide and tighten policy after years of declines rates and a simmering cost of living crisis.
Erkan, former co-CEO of First Republic Bank and managing director of Goldman Sachs, takes the reins after Erdogan’s re-election on May 28 and just under a week after signaling a shift away from orthodoxy with a new firm.
The fifth central bank chief in four years, the 43-year-old replaces Sahap Kavcioglu, who spearheaded Erdogan’s rate-cut campaign that sparked a historic currency crash in 2021 and sent the inflation at a 24-year high above 85% last year.
The announcement of Erkan’s appointment in the Official Gazette was accompanied by a decision to appoint Kavcioglu as the head of the country’s banking watchdog BDDK.
Erkan’s leanings are unclear given that she has no formal monetary policy experience in her career spanning Wall Street and US corporate boards. She has a doctorate. from Princeton University in Financial Engineering.
She was at First Republic from 2014 to 2021, according to her LinkedIn profile. This year it became the largest US bank to fail since 2008 after being seized by regulators and sold to JPMorgan.
(Cover: Exchange rates in the background, Izmir, Turkey, June 7, 2023. /CFP)
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