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She was appointed by President Recep Tayyip Erdogan and has a long financial career in large international economic entities. One of her challenges will be to define the course of the country’s monetary policy while looking for options to reduce the high inflation that in May stood at 39.59% per year.
She is 41 years old, born in Istanbul, to an engineer father and a mathematics and physics teacher mother, attended one of the best state schools in Turkey, Istanbul High School, and received her diploma being the second best in her class.
He studied industrial engineering at Bogazici University, one of the most prestigious higher education institutions in Turkey, and obtained a PhD in operations research and financial engineering from Princeton University in the United States in 2006.
His most recent studies were in 2015 and 2016, when he completed his education in business programs at Harvard Business School and Stanford Graduate School of Business, respectively.
Your financial career
Despite the fact that the first governor of the bank of Turkey has extensive experience in financial services, in the banking sector, in the sphere of investments, risk management, technology and digital innovation; most of his works they have been associated with the United States and little is known about what has progressed in their country of origin.
Erkan joined the global investment bank, Goldman Sachs in 2005, and by 2011 she was named its CEO. Later, in 2014, she joined First Republic Bank and became its co-CEO in 2021, but she didn’t have to deal with the chaotic bankruptcy of America’s second-largest regional bank.
She has had a long tenure at Wallstreet as an investment executive and in June 2022 was appointed CEO of Greystone, a New York-based real estate finance and investment company.
Many hope that Erkan can consolidate a less lax monetary policy, increasing interest rates that could eventually contain inflationary levels.
Erdogan, on the other hand, has defended a monetary policy that advocates the relaxation of interest rates, despite the fact that the country It accumulates an annual inflation of around 40% (39.59%), according to the interannual data for May.
The Central Bank gradually lowered interest rates from 17% in December 2020 to 8.5% in February 2023, in line with Erdogan’s theory that “high interest rates are the real cause of inflation.”
With Reuters and EFE
