Turkish prez picks ‘hawk’ to run the show.

TLDR:

• The governor of the Central Bank of the Republic of Turkey (CBRT) has resigned after just over six months in the role, with President Recep Tayyip Erdoğan appointing one of her deputies as her replacement.
• Hafize Gaye Erkan resigned on 2 January and accused the bank of anomalies, while her deputy Fatih Karahan, will lead the CBRT.

Turkish President Recep Tayyip Erdoğan has appointed Fatih Karahan as the new governor of the Central Bank of the Republic of Turkey (CBRT). This follows Hafize Gaye Erkan’s resignation, who had held the position for just over six months. Karahan served as a deputy governor at the CBRT since July 2023. Erkan announced her resignation on 2 January, citing “anomalies” at the central bank. Erkan is known for her hawkish stance on monetary policy. Erdoğan has criticized previous governors’ refusal to lower rates despite his preference for lower rates to stimulate growth.