President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey's central bank as it prepares to reverse course and tighten policy after years of rate cuts and a simmering cost-of-living crisis.
Erkan, former co-CEO at First Republic Bank and managing director at Goldman Sachs, takes the reins after Erdogan's re-election on May 28 and just under a week after he signalled a pivot away from unorthodoxy with a new cabinet.
Erkan's leanings are unclear given she has no formal monetary policy experience in her career spanning Wall Street and U.S. corporate boardrooms. She has a Ph.D. from Princeton University in financial engineering. Yet after Erdogan survived his toughest political test in the May 28 runoff vote, he on Saturday named Mehmet Simsek, a well-respected and orthodox former finance minister, as minister in charge of the economy.this week, plunging 7.2% on Wednesday, and traded at 23.5010 against the dollar after Erkan's appointment.
The economy's prospects depend on how much independence Erdogan grants Erkan and Simsek, analysts said. In the past, he has embraced orthodoxy, only to quickly double back.
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