Hafize Gaye Erkan, was appointed as the head of central bank today. Who is she, and what does her appointment signal?
She is an Engineer and an Economist, and surely a bright person, as she graduated Bogazici University's Industrial Engineering Program as Valedictorian. She went on to Princeton to complete her master's. She worked for Goldman Sachs for a decade and was a co-CEO at First Republic.
Her CV is very impressive, but it also raises some questions about whether she is qualified enough to run a central bank. She does not have experience in Turkish banking, and in central banking. Also First Republic Bank's failure earlier this year is bad for her reputation as she took part in building the bank's strategy of going after deposits that could easily flee in hard times.
Her appointment signals a return to more orthodox economic policy by Erdogan. As to whether she is qualified, there is no question that she is knowledgeable and smart enogh, but her lack of relevant experience might be a problem.
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