The primary objective and priority for the Turkish central bank (CBRT) is to achieve price stability, said Fatih Karahan, CBRT deputy governor since July 28 last year who was recently appointed as its governor.

A presidential decree regarding the appointment was published in the official gazette on February 3. Hafize Gaye Erkan, the country’s first female central bank governor, announced her resignation on February 2 after less than a year in the job.

"Relying on our strong team, we continue our efforts to ensure disinflation. We are determined to maintaining the necessary monetary tightness until inflation falls to levels consistent with our target. We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook,” Karahan said following the appointment.

Karahan started his career as an economist at the Federal Reserve Bank of New York in 2012. He taught at Columbia University and New York University. He became a senior economist at Amazon in 2022 and was later appointed as the principal economist at the company.

“The decision made by Erkan is entirely personal and at her own discretion,” finance minister Mehmet Simsek wrote on X (formerly Twitter) on February 2. The economic programme will carry on uninterrupted, he was quoted as saying.

Fibre2Fashion News Desk (DS)

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