Former Goldman Executive Hafize Gaye Erkan Appointed as Turkey's New Central Bank Chief by Erdogan

Turkey's President Erdogan has appointed Hafize Gaye Erkan, a former Goldman Sachs executive, as the country's new central bank governor, potentially marking a policy pivot away from economic unorthodoxy. Erkan is Turkey's first female central bank chief and her appointment, alongside new economy minister Mehmet Simsek's, could be a sign that Turkey's monetary policy will normalize following years of ultra-low borrowing costs and soaring inflation. Investors will have to wait and see how much autonomy the central bank could exercise. Erdogan had fired Erkan's predecessor in March 2021, two days after the central bank raised interest rates.