Türkiye names new Central Bank governor

ISTANBUL

Seasoned banker Hafize Gaye Erkan has been chosen to succeed Sahap Kavcioglu as the governor of Türkiye’s Central Bank, the Official Gazette announced early Friday.

Erkan, 41, earned a bachelor’s degree in industrial engineering from Istanbul's Bogazici University, graduating as valedictorian, and a doctorate in operations research and financial engineering at Princeton University.

Erkan also completed two training programs on management sciences at Harvard Business School and leadership at Stanford University.

With a number of top posts at major companies under her belt, she served as co-CEO of US-based First Republic Bank and member of the board of directors at Marsh McLennan, a services firm in fields of risk, strategy, and insurance, a managing director of investment bank Goldman Sachs, and a member of the board of jewelry firm Tiffany & Co.

Erkan, the first woman under the age of 40 to hold the title of president or CEO at one of America's 100 largest banks, made the “40 Under 40” lists of both San Francisco Business Times and Crain New York Business.

In 2019, Erkan was included in Crain's "Notable Women of Banking & Finance" and American Banker's "Women to Watch" list.

Erkan boasts expertise in banking, investment, risk management, technology, and digital innovation, and also serves on the Advisory Council of Princeton University's Operations Research and Financial Engineering Department.

After Kavcioglu was named to the Central Bank helm in March 2021, the bank's monetary policy committee gradually lowered its policy interest rate from 19% to 8.5%.

Last week, Erdogan also announced that Mehmet Simsek is succeeding Nureddin Nebati as Treasury and finance minister.

At the handover ceremony, Simsek said: "Türkiye has no choice but to return to a rational ground.

"Our main policy will be to support our Central Bank in the fight against inflation through fiscal policy and structural reforms to be implemented."