Turkey's 'genius' Central Banker Faces High Expectations
Fahad Shabbir (@FahadShabbir) Published June 09, 2023 | 09:48 PM
"Brilliant Turk" or "the genius": Turkish media are gushing over new central bank governor Hafize Gaye Erkan, who soared through the ranks of US financial firms but now faces the monumental task of curbing inflation and stabilising the falling lira
Ankara, (UrduPoint / Pakistan Point News - 9th Jun, 2023 ):"Brilliant Turk" or "the genius": Turkish media are gushing over new central bank governor Hafize Gaye Erkan, who soared through the ranks of US financial firms but now faces the monumental task of curbing inflation and stabilising the falling lira.
The first woman to lead Turkey's central bank, who is in her forties, has a stellar resume that includes major roles with the likes of Wall Street titan Goldman Sachs and diplomas from Princeton and Harvard.
She climbed to the top of the corporate ladder at California-based First Republic Bank, where she became co-chief executive and was expected to take over from founder Jim Herbert until she unexpectedly resigned in December 2021.
Crain's New York Business magazine named her on its list of "40 under 40" rising business stars in 2018.
"Gaye is a financial whiz with a deep sense of social responsibility, reflecting her immigrant experience and lessons learned from the banking industry's role in the 2008 financial crisis," Kathryn Wylde, CEO of the nonprofit Partnership for New York City, was quoted as saying in Crain's.
Erkan served on the board of directors at the nonprofit.
After quitting First Republic, she became CEO of US real estate finance and investment giant Greystone last year, but she quit just six months later.
Erkan has said that her dream was to return to Turkey one day to "serve my country", according to local media.
She has taken on a tough job, with markets eager to see whether she will have the power to reject President Recep Tayyip Erdogan's unorthodox monetary policies.
Her predecessors followed Erdogan's calls for the central bank to lower its interest rates in order to combat high inflation -- the mirror opposite of what policymakers in other nations have done.
Related Topics
Recent Stories
Women T20I: Pakistan to face West Indies in fourth match tomorrow
Pak-UK 6th Regional Stabilization Conference underway at NDU, Islamabad
World Labor Day being observed today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 1 May 2024
Today Gold Rate in Pakistan 01 May 2024
Govt reduces petrol price by Rs5.45 per litre
Pakistan’s Ambassador to UAE meets Ruler of Ras Al Khaimah
Statement of Engro Corporation - LNG Case Decision
Wasim Akram touches fans’ hearts by new look
Empowering women for employment is the need of hour, says Sadaffe Abid
Global study reveals Pakistan’s inadequate measures against Tobacco Industry
Co-Working Center launched in Okara under PITB’s e-Earn program
More Stories From Business
-
Mega Cotton Seminar held in Bahawalpur
1 hour ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 1 May 2024
3 hours ago -
Today Gold Rate in Pakistan 01 May 2024
4 hours ago -
Petrol prices slashed by Rs 5.45 per liter
13 hours ago -
Govt reduces petrol price by Rs5.45 per litre
13 hours ago -
FBR issues Income Tax General Order to enforce return filing
14 hours ago
-
Planning minister reviews preparations for upcoming 13th JCC meeting, PM Shehbaz’s expected visit ..
14 hours ago -
FBR issues Income Tax General Order to enforce return filing
14 hours ago -
LCCI delegation visits Business Facilitation Center
17 hours ago -
2-day Pak-International Poultry Expo begins
17 hours ago -
Minister visits Punjab Model Bazaars Management Company
17 hours ago -
Kyrgyz Honorary Consul calls on Punjab Governor
17 hours ago