Fatih Karahan Appointed as Turkey's New Central Bank Governor

Karahan, with a strong background in economics and previous roles at the New York Fed and Amazon, pledges to prioritize price stability and tackle inflation.

• Fatih Karahan, previously Turkish Central Bank's deputy governor, has been appointed as the new governor following the sudden resignation of Hafize Gaye Erkan.
• Karahan's extensive experience includes roles at the New York Federal Reserve, Amazon, and as a lecturer at Columbia University and New York University.
• Investors and economists express optimism over Karahan's appointment, expecting continuity in monetary policy and further interest rate hikes to combat inflation.
• Turkey's central bank has raised interest rates eight times since May 2023 in an effort to curb the country's soaring inflation, which hit roughly 65% year-on-year in January.
• Despite the central bank's efforts, Turkey's currency, the lira, has significantly depreciated, losing more than 80% of its value against the dollar over the last five years.

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