Erdogan’s new central bank chief signals hope for Turkey’s economic turnaround

By SUZAN FRASER
Associated Press

ANKARA, Turkey (AP) — Turkey’s president has appointed a former U.S.-based bank executive to head the central bank. The appointment Friday is sending the strongest signal yet that Recep Tayyip Erdogan might pivot from his unusual economic policies that many blame for a worsening cost-of-living crisis. The 41-year-old Erkan is Princeton-educated and will become the first woman to lead the Turkish central bank. Erdogan won a third presidential term last month as the country grapples with high inflation that’s made it difficult for people to afford food and housing. He also has named a respected former banker as finance minister. Both appointments indicate the possibility that Erdogan may abandon policies on interest rates that run counter to traditional economic thinking.