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Hafize Gaye Erkan

All articles tagged with #hafize gaye erkan

politics-and-economy1 year ago

"Turkish Central Bank Governor's Turbulent Tenure: A Story of Resignation and Controversy"

Hafize Gaye Erkan, Turkey's first woman central bank governor, was appointed with high expectations but was dismissed less than nine months later amidst allegations of internal strife, long absences, and accusations of misconduct. Despite her strong educational and professional background, including a role at an American bank, her tenure was marred by controversies, including her father's alleged interference at the bank and her own comments in the media. Her dismissal, orchestrated by Finance Minister Mehmet Simsek, aimed to restore the central bank's credibility and signal his authority over the economy, despite initial hopes for Erkan's appointment to improve Turkey's financial credibility and investor trust.

via Middle East Eye|
#central-bank#hafize-gaye-erkan#mehmet-simsek
financeeconomics1 year ago

"Former Amazon and New York Fed Executive Takes Helm as Turkey's Central Bank Governor"

Fatih Karahan, Turkey's newly appointed central bank governor, brings a wealth of experience from prominent American institutions and companies, including the Federal Reserve Bank of New York and Amazon. With the country facing significant inflation and currency devaluation, Karahan's appointment is seen as a credible choice to tackle these economic challenges. While the central bank has implemented consecutive interest rate hikes to combat inflation, the ultimate decision-making power still lies with President Recep Tayyip Erdogan, raising questions about the bank's independence. Despite this, investor confidence improved during the tenure of the previous governor, Hafize Gaye Erkan, who unexpectedly resigned citing a "reputation assassination" campaign.

via CNBC|
#central-bank#fatih-karahan#financeeconomics
businesseconomy1 year ago

"Turkish Central Bank Chief Resigns, Successor Named"

Turkey's central bank governor Hafize Gaye Erkan resigned, citing a need to protect her family amid a "reputation assassination", and was swiftly replaced by Deputy Governor Fatih Karahan. Erkan's aggressive interest rate hikes had begun cooling inflation expectations, but her resignation raised concerns about the continuity of the economic program. However, assurances from cabinet leaders relieved some concerns, and the new governor is expected to carry on the tight policy stance.

via Reuters|
#businesseconomy#central-bank#hafize-gaye-erkan
politics1 year ago

"Fatih Karahan Named Turkey's Central Bank Chief After Hafize Gaye Erkan's Resignation"

Fatih Karahan has been appointed as the new governor of Turkey's Central Bank, replacing Hafize Gaye Erkan who resigned amid allegations of unethical conduct. Karahan, who previously served as Erkan's deputy, is a graduate of the University of Pennsylvania and has experience working as a senior economist at Amazon in the United States. Erdogan emphasized that Erkan's departure would not alter the country's economic program.

via Al-Monitor|
#central-bank#fatih-karahan#hafize-gaye-erkan
economy2 years ago

Turkey's Central Bank Shockingly Doubles Inflation Forecast to 58%

Turkey's central bank, under the leadership of new governor Hafize Gaye Erkan, expects inflation to reach 58% by the end of 2023, more than double its previous estimate. Factors such as exchange rate developments, changes to economic policy, stronger-than-expected domestic demand, and a new forecasting approach contributed to the higher forecast. The central bank also revised its inflation forecast for the end of 2024 to 33% and for the end of 2025 to 15%. Erkan emphasized the need to restore expectations and predictability, and stated that the central bank will optimize the monetary tightening process to measure its effects on inflation, markets, and financial conditions.

via CNBC|
#central-bank#economy#hafize-gaye-erkan
finance2 years ago

Turkey's Central Bank Implements Simplified Rules Under New Governor Amid Lira Plunge.

The Central Bank of the Republic of Türkiye (CBRT) has simplified its securities maintenance regulation to increase the functionality of market mechanisms and strengthen macro-financial stability. The move is part of policies announced after the recent monetary policy committee meeting, and the simplification process will continue in a gradual manner. The securities maintenance ratio that Turkish banks are required to allocate to their foreign currency deposit has been reduced to 5% from 10%. With the new regulation, banks must maintain securities ranging between 3% and 12% of their lira deposits.

via Daily Sabah|
#finance#hafize-gaye-erkan#market-mechanisms
business2 years ago

Hafize Gaye Erkan: Turkey's New Central Bank Chief Amid Economic Challenges.

Hafize Gaye Erkan, a former executive at Goldman Sachs and First Republic Bank, has been appointed as the new governor of the Central Bank of Turkey, becoming the first woman to lead the institution. Erkan's appointment comes as Turkey's economy faces significant challenges, and she is expected to play a key role in efforts to boost the country's financial stability. Despite her successful career in the US corporate world, little is known about Erkan in her home country.

via Al Jazeera English|
#business#central-bank-of-turkey#economy
business2 years ago

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.

via CNBC|
#business#central-bank#goldman-sachs