Erdogan Appoints First Female Central Bank Chief From Wall Street to Stabilize Turkey's Economy

Hafize Gaye Erkan, a former executive at Goldman Sachs and First Republic Bank, was named the first female governor of Turkey's central bank.
Erkan's appointment is seen as a pivot toward orthodox economic policies after years of high inflation and a weakening currency under Erdogan.
Analysts expect Erkan to raise interest rates to curb inflation, currently at 40%, and strengthen the lira, which fell sharply in 2021 and 2022.
Mehmet Simsek, a respected former minister, was also appointed economy minister, bolstering hopes of economic reforms.
Erkan faces the difficult task of stabilizing Turkey's spiraling economy and regaining investor trust in the face of political pressures.