Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate from 8.5 percent to 45 percent. The bank said last week that it intends to keep rates high for the immediate future to make sure inflation is brought under control.
Turkey’s central bank chief denies nepotism allegations
In a statement posted Friday on X, formerly Twitter, Erkan denounced the reports as "unfounded allegations" designed to undermine confidence in the bank, and threatened legal action. Erkan took up her job last June following the re-election of President Recep Tayyip Erdogan, one of a team of market-friendly economists appointed...
Days after being re-elected, Turkey’s Erdogan appoints new central bank governor
Hafize Gaye Erkan -- whose appointment was published in the official gazette on Friday -- has taken over the post from Sahap Kavcioglu. Under Kavcioglu's watch, the bank's policy rate was decreased to 8.5 percent. It had been at 19 percent in 2021.
