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Erdogan taps new bank head, replacing Erkan after resignation.

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TLDR:

– Turkey’s President Recep Tayyip Erdogan has appointed Fatih Karahan as the new head of the country’s central bank following the resignation of Hafize Gaye Erkan
– Erkan cited the need to protect her family amid a media scandal as one of the reasons for her departure
– Karahan, a former senior economist at Amazon, is seen as having played a key role in engineering the monetary tightening and will continue the economic program
– Erkan, the first woman to lead the central bank, had raised interest rates and tightened monetary policy to combat inflation
– The resignation came after an opposition newspaper published an article targeting Erkan and her family
– Foreign investors had shown confidence in Erkan and the economic program, with investments in Turkish assets increasing
– Karahan has a doctorate in economics from the University of Pennsylvania and was a former economist at the Federal Reserve Bank of New York

Turkey’s President Recep Tayyip Erdogan has appointed Fatih Karahan as the new head of the country’s central bank, following the resignation of Hafize Gaye Erkan. Erkan cited the need to protect her family amid a media scandal as one of the reasons for her departure. Karahan, a former senior economist at Amazon, is seen as having played a key role in engineering the monetary tightening and will continue the economic program. Erkan, the first woman to lead the central bank, had raised interest rates and tightened monetary policy to combat inflation. The resignation came after an opposition newspaper published an article targeting Erkan and her family. Foreign investors had shown confidence in Erkan and the economic program, with investments in Turkish assets increasing. Karahan has a doctorate in economics from the University of Pennsylvania and was a former economist at the Federal Reserve Bank of New York.

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