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The Governor of the Turkish Central Bank, Hafize Gaye Erkan, presented her resignation on Friday, February 2, 2024, asking President Recep Tayyip Erdogan to relieve her of her duties. She was succeeded by the Vice President, Fatih Karahan.
Fatih Karahan, formerly serving as Vice President, has now taken over as the Governor of the Turkish Central Bank.
Hafize Gaye Erkan said it was an honour to serve as the first female governor of Turkey’s Central Bank, and she expressed gratitude towards the authorities of her country.
Recollecting her appointment as the Governor of the Central Bank on June 8, 2023, Hafize Gaye Erkan said, “At the time of my appointment, I was fully aware of the challenges that came with such an important responsibility. Now, our economic program is beginning to show positive results. The increase in our reserves, alongside the economic data and indicators of the primary inflation trend, are testament to this success,” she stated.
She revealed the reasons for her resignation on social media, while Mehmet Simsek, the Turkish Minister of Treasury and Finance, voiced his gratitude to the outgoing governor in a press release. He stated that the economic administration would persist in taking decisive measures towards the goal of price stability. He further stressed that the country’s medium-term program would continue to be implemented with determination.
Fatih Karahan was designated as the Governor of the Central Bank of Türkiye on the night from Friday to Saturday, taking over from Hafize Gaye Erkan. He is an alumnus of Bogazici University in Turkey, where he studied Mathematics and Industrial Engineering, and holds a doctorate in economics from the University of Pennsylvania.
He has previously operated as an economist, leader of a labor and product market research team, and as a monetary policy advisor to the Federal Reserve Bank of New York. The new governor has also held lecturer positions at Columbia University and New York University.