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President Recep Tayyip Erdogan Names Ex-Goldman Sachs Banker To Head Turkey’s Central Bank

President Recep Tayyip Erdogan said in recent signs that the Turkish president may reverse the unusual policies that have sparked a painful cost of living crisis and pushed the lira to record lows against the dollar. He appointed a former US banker as the governor of the country’s central bank. .

Hafidze Gay Erkan, who held senior positions at Goldman Sachs and bankrupt First Republic, will become the first female governor of Turkey’s central bank. She will take over her reins from Mr Shahap Kahtuor. drastically cut interest rates By order of President Erdogan.

The president’s decision to wiretap Mr. Elkann was just made Days after he chose Mehmed Simshek, a former Deputy Prime Minister popular with global investors as Minister of Finance. He also appointed Cevdet Yılmaz, who is seen as a supporter of orthodox economic policies, as vice president.

The move has sparked cautious optimism among investors that Erdogan, who was re-elected on May 28, will remain president. Shift to more conventional policies Because the Turkish economy is under extreme strain.

President ErdoganA lifelong opponent of high borrowing costs, the country pressured the central bank to cut its key interest rate to 8.5% from 19% two years ago, a move it accuses of fueling an inflation crisis and causing the lira to plummet. It is against the dollar.

Investors and economists say turkey A significant interest rate hike is needed to contain runaway inflation and to attract foreign investors who have left the country in recent years.

Since Simsek’s appointment as finance minister was revealed, the price of Turkish dollar-denominated bonds has risen, while the cost of protecting against a Turkish debt default has fallen. But many investors are waiting for policy clarity before making a decision.

Elkann earned a PhD in financial engineering and operations research from Princeton University and led financial institution group analytics at Goldman Sachs before spending nearly eight years as a senior executive at First Republic.

A 44-year-old Turkish-American eventful end of her term She joined First Republic, where she was named co-CEO in July 2021, before leaving the financier by the end of the year. First Republic was acquired by JP Morgan in a fire sale earlier this year after it was hoarded by wealthy clients.

Elkann faces a deepening crisis. The central bank has used up about $25 billion in foreign exchange reserves this year to finance its deep current account deficit, and many economists have warned that Turkey’s military budget is dangerously depleted.

she also Lira under great pressurehas fallen more than 60% in the past two years after President Erdogan’s rate cuts pushed rates into deep negative territory when inflation is taken into account.

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President Recep Tayyip Erdogan said in recent signs that the Turkish president may reverse the unusual policies that have sparked a painful cost of living crisis and pushed the lira to record lows against the dollar. He appointed a former US banker as the governor of the country’s central bank. .Hafidze Gay Erkan, who held senior positions at Goldman Sachs and bankrupt First Republic, will become the first female governor of Turkey’s central bank. She will take over her reins from Mr Shahap Kahtuor. drastically cut interest rates By order of President Erdogan.The president’s decision to wiretap Mr. Elkann was just made Days after he chose Mehmed Simshek, a former Deputy Prime Minister popular with global investors as Minister of Finance. He also appointed Cevdet Yılmaz, who is seen as a supporter of orthodox economic policies, as vice president.The move has sparked cautious optimism among investors that Erdogan, who was re-elected on May 28, will remain president. Shift to more conventional policies Because the Turkish economy is under extreme strain. President ErdoganA lifelong opponent of high borrowing costs, the country pressured the central bank to cut its key interest rate to 8.5% from 19% two years ago, a move it accuses of fueling an inflation crisis and causing the lira to plummet. It is against the dollar.Investors and economists say turkey A significant interest rate hike is needed to contain runaway inflation and to attract foreign investors who have left the country in recent years.Since Simsek’s appointment as finance minister was revealed, the price of Turkish dollar-denominated bonds has risen, while the cost of protecting against a Turkish debt default has fallen. But many investors are waiting for policy clarity before making a decision. Elkann earned a PhD in financial engineering and operations research from Princeton University and led financial institution group analytics at Goldman Sachs before spending nearly eight years as a senior executive at First Republic.

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A 44-year-old Turkish-American eventful end of her term She joined First Republic, where she was named co-CEO in July 2021, before leaving the financier by the end of the year. First Republic was acquired by JP Morgan in a fire sale earlier this year after it was hoarded by wealthy clients.Elkann faces a deepening crisis. The central bank has used up about $25 billion in foreign exchange reserves this year to finance its deep current account deficit, and many economists have warned that Turkey’s military budget is dangerously depleted.she also Lira under great pressurehas fallen more than 60% in the past two years after President Erdogan’s rate cuts pushed rates into deep negative territory when inflation is taken into account.
https://www.ft.com/content/d900e2b2-50eb-48f1-a751-cf6e56509be5 President Recep Tayyip Erdogan Names Ex-Goldman Sachs Banker To Head Turkey’s Central Bank

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