Erdogan appoints former US bank executive as Turkish central bank chief, in sign of policy change

Ankara, June 9 (BNA): Turkish President Recep Tayyip Erdogan on Friday appointed a former US-based bank executive to head the Turkish Central Bank, in another sign that his administration may pursue more traditional economic policies.

Erdogan appointed Hafiz Gay Erkan, former co-CEO of First Republic Bank, as governor, according to an announcement in the Official Gazette.

Princeton-educated Erkan, 41, has become the first female governor of Turkey’s central bank, according to the Associated Press.

Erdogan won a third term in elections last month as the country grapples with a cost-of-living crisis fueled by inflation that peaked at 85% in October.

On Saturday, Erdogan re-appointed Mehmet Simsek, a respected former banker, finance minister and deputy prime minister, to the post of finance and treasury minister. Simsek returned to the Cabinet after a five-year break from politics.

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