ISTANBUL President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head Türkiye's central bank as it prepares to reverse course and tighten policy after years of rate cuts and a simmering cost-of-living crisis. Erkan, former co-CEO at First Republic Bank and managing director at Goldman Sachs, takes the reins after Erdogan's re-election on May 28 and just under a week after he signalled a pivot away from unorthodoxy with a new Cabinet. The fifth central bank chief in four years, the 43-year-old replaces Sahap Kavcioglu, who spearheaded Erdogan's rate-cutting drive that set off a historic currency crash in 2021 and sent inflation to a 24-year peak above 85% last year.

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