Turkey Names Former First Republic Executive as Head of Central Bank
By Jared Malsin and Chelsey Dulaney
ISTANBUL--Turkey's President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors.
The new central bank governor is Hafize Gaye Erkan, who until late 2021 was the co-chief executive officer of First Republic Bank, which collapsed and was sold to JPMorgan Chase last month. She previously worked for Goldman Sachs and served on the board of Tiffany & Co.
Erkan is Turkey's first woman central bank governor and replaces Sahap Kavcioglu, an Erdogan loyalist who was installed in March 2021 as the Turkish president took greater command over the economy. Erdogan pressured the bank into a series of interest-rate cuts that year that plunged Turkey into a currency crisis and stoked punishing inflation.
Write to Jared Malsin at jared.malsin@wsj.com and Chelsey Dulaney at chelsey.dulaney@wsj.com
(END) Dow Jones Newswires
June 09, 2023 03:52 ET (07:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom