ISTANBUL– Turkey’s President Recep Tayyip Erdogan selected a previous First Republic Bank executive to lead the reserve bank, a most likely shift far from the unconventional financial policies that have actually planted financial instability and repelled foreign financiers. The brand-new central-bank guv is Hafize Gaye Erkan, who till late 2021 was the co-CEO of First Republic Bank, which collapsed and was offered to JPMorgan Chase last month. Erkan is Turkey’s very first lady central-bank guv and changes Sahap Kavcioglu, an Erdogan follower who was set up in March 2021 as the Turkish president took higher command over the economy.
