Hafize Gaye Erkan, the new head of Turkey's central bank, and the first woman at the post, faces a battle against soaring inflation and a sagging Turkish lira.
The Turkish government has appointed its first first female central bank governor, Hafize Gaye Erkan, a former Goldman Sachs banker whose arrival comes as markets brace for new attempts at financial stability for the country.
Erkan replaces Şahap Kavcıoğlu, who held the position for just over three years and will now head up the country’s Banking Regulation and Supervision Agency, according to a government announcement. Under his tenure, Kavcıoğlu yielded to pressure from President President Recep Tayyip Erdoğan to make frequent interest rate cuts — from around 19% to the present 8.5%.
Erkan brings years of Wall Street banking experience and risk management expertise to the table. According to her LinkedIn profile, she spent seven years working as co-chief executive and executive officers and a board member at First Republic Bank, which was taken over by JPMorgan Chase & Co. in May.
The lira has continued to fall to record lows since the late May re-election of Erdoğan, and his recent appointment of respected Finance Minister Mehmet Şimşek, who has promised “rational” policies and vowed to “prioritize macro financial stability.”
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