Skip to content Skip to Search
Skip navigation

Turkey names new central bank governor

The main priority is to achieve price stability, said Turkey's new central bank governor Fatih Karahan Turkey central bank
Turkey will maintain tight monetary conditions that will lower inflation, said central bank governor Fatih Karahan

Turkey’s first female central bank governor, Hafize Gaye Erkan, has resigned, citing personal reasons.

Deputy governor Fatih Karahan was appointed as her successor on Saturday, local newspapers reported, citing the official gazette.

“A major reputation assassination has recently been organised against me,” Erkan said in a post on the social messaging platform X.

She added that she was stepping down “to prevent my family and my innocent child, who is not even one-and-a-half years old, from being further affected by this process.”

Erkan, a former US bank executive, began raising rates when she was appointed in June 2023. The central bank had hiked its key rate to 45 percent from 8.5 percent.  

“Our economic programme has started to bear fruit,” she said, citing rising foreign reserves and expectations that inflation will begin cooling around mid-year as proof of this success.

Finance minister Mehmet Şimşek said Erkan’s decision is her personal decision and she took it at her discretion, Daily Sabah newspaper reported.

He added that the policies led by President Tayyip Erdoğan will continue to be implemented under the leadership of the new governor.

“I respect her decision and thank her for her service to our country,” Şimşek said.

Karahan, born in 1982, is one of the youngest central bank governors.

His time as an economist at the Federal Reserve Bank of New York was followed by a role at Amazon, where he eventually became the principal economist.

Karahan assumed the position of deputy chief of Turkey’s central bank in July 2023.

Latest articles

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]