A woman will lead Türkiye’s monetary policy for the first time. Probably the most complicated central bank on the planet due to interference by the Government of Recep Tayyip Erdogan, which is staging a facelift to restore lost confidence in international markets.
After the appointment a few days ago of Mehmet Simsek as Finance Minister, Erdogan has now appointed Hafize Gaye Erkan, 43, as the new governor of the Central Bank of Turkey. She will be the fifth person in charge of the entity in the last four years and the first woman in the position.
The bank was part of the board of the consultancy Marsh & Mclenann and was for seven years, until 2021, a high-level board of First Republic Bank (rescued by JPMorgan this year). She became co-CEO, although she left the entity in January 2022, more than a year before its bankruptcy.
Erkan’s appointment, published this Friday in the Official Gazette and signed by Turkish President Recep Tayyip Erdogan, is expected to mark the beginning of a turn in the monetary policy implemented in recent years in Turkey. The Monetary Policy Committee (MPC) of the Central Bank has scheduled its first meeting under the presidency of the new governor on June 22.
Along with the announcement of Erkan’s appointment, the Official Gazette also reports the decision to appoint Sahap Kavcioglu, Governor of the Central Bank of Turkey since 2021, as head of the Banking Supervision and Regulation Agency (BDDK), the banking watchdog from Turkey.