Turkey Names Former First Republic Executive as Head of Central Bank
By Jared Malsin and Chelsey Dulaney
ISTANBUL--Turkey's President Recep Tayyip Erdogan appointed a
former First Republic Bank executive to lead the central bank, a
likely shift away from the unorthodox economic policies that have
sown economic instability and driven away foreign investors.
The new central bank governor is Hafize Gaye Erkan, who until
late 2021 was the co-chief executive officer of First Republic
Bank, which collapsed and was sold to JPMorgan Chase last month.
She previously worked for Goldman Sachs and served on the board of
Tiffany & Co.
Erkan is Turkey's first woman central bank governor and replaces
Sahap Kavcioglu, an Erdogan loyalist who was installed in March
2021 as the Turkish president took greater command over the
economy. Erdogan pressured the bank into a series of interest-rate
cuts that year that plunged Turkey into a currency crisis and
stoked punishing inflation.
Write to Jared Malsin at email@example.com and Chelsey
Dulaney at firstname.lastname@example.org
(END) Dow Jones Newswires
June 09, 2023 03:52 ET (07:52 GMT)
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