Recep Tayyip Erdogan has appointed a former U.S. banker as head of the country’s central bank, in the latest sign that he may be shifting course on his unconventional policies that have pushed the lira to record lows against the dollar.
President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head of Türkiye’s central bank.
Hafize Gaye Erkan, who has held senior positions at Goldman Sachs as well as U.S. regional lender First Republic, will be the first woman to head Türkiye’s central bank. It will take over from Shaheb Kavcioglu, who had cut interest rates sharply at Erdogan’s request.
Read: Türkiye’s lira hits record: Can it afford return to interest rate cut policies?
Described in Türkiye as the “youngest financial professor”, Hafize Gaye Erkan returned from the United States, after studying and working in several banks and as an investment advisor.
The president’s decision to hire Erkan came just days after he chose Mehmet Şimşek, a former deputy prime minister popular with global investors, as finance minister. Cevdet Yilmaz, who is seen as a supporter of traditional economic policies, was also appointed vice president.
Erdogan also appointed Arkan’s predecessor, Şahap Kavcıoğlu, as head of the Banking Regulation and Supervision Authority (PDDK).
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