Within less than a year, Türkiye has a new Central Bank head, Fatih Karahan, who replaces Ms. Hafize Gaye Erkan, according to the Feb. 3 Official Gazette, where the Republic of Türkiye publishes its new legislation and other official announcements. When appointed last year, Erkan raised many eyebrows, since one of her previous positions was at Goldman Sachs. She handed in a letter of resignation after announcing in a social media statement that, “a major reputation assassination campaign has recently been organized against me.”
The campaign against her could have been related to the fact that she implemented an International Monetary Fund type anti-inflation policy by raising interest rates by 3,650 basis points.
