Re-elected Turkish President Recep Tayyip Erdogan has appointed a former US-based bank executive to head Turkey’s central bank, in another sign that his administration is likely to pursue more conventional economic policies. Erdogan named Hafize Gaye Erkan, a former co-chief executive officer of the First Republic Bank, as governor, according to an announcement in the Official Gazette published on Friday.
Erdogan won a third presidential term in elections last month as the country grapples with a cost-of-living crisis fuelled by inflation that peaked at a staggering 85 percent in October. In May, the inflation rate dropped below 40 percent for the first time in 16 months, with the influence of a favourable base effect. The base effect is a distortion in inflation figures because of very high or very low figures in the year-ago month.—Aljazeera
