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Turkish President Recep Tayyip Erdogan has appointed Hafize Gage Erkan to head Turkey's Central Bank, as the institution is expected to make a turnaround after years of cutting interest rates amid the ongoing cost-of-living crisis.
Erkan, who in the US is called "Terrible Girl from Turkey", has a difficult task ahead, as the economic crisis looms in the country and the Turkish lira has taken another downward turn following Erdogan's re-election.
Despite the nickname given to her in the USA where she has spent most of her professional career, international analysis expresses concerns about how effective Erkani will be in her work.
However, the BBC points out that the choice of Erkan is considered more suitable after the appointment of Mehmet Simsek in the Ministry of Finance of Turkey and the attempt to return to more "orthodox" policies.
Who is Hafize Gage Erkan?
Hafize Gage Erkan was born in 1982. He completed primary and secondary school in Istanbul. She then studied at Bosphorus University's Department of Industrial Engineering from which she received a bachelor's degree in 2001 while continuing her studies at Princeton University from which she received her doctorate in economics. She was actually the first student to complete a two-year Ph.D. in one year. According to her LinkedIn page, Erkan is a graduate of the Harvard Advanced Management Program and the Stanford Graduate School of Business Executive Program in Leadership.
The Turkish banker started her professional career at the investment bank Goldman Sachs where she stayed for about 10 years. From 2014 to 2021, Erkan continued her professional career as a member of the management board of First Republic Bank, while from July '21 to December 21.
A year ago, Erkan was on the San Francisco Business Times and Crain's New York Business list of 40 outstanding women under 40. Erkan was also the only woman under 40 to hold a CEO position at the 100 largest US banks.
Although the Turkish media focuses on Erkan's academic and professional past, there are analysts who express concerns about her selection. As the BBC Turkish service reports, the first concern concerns the objective with which the 41-year-old was hired, as she has no experience in monetary policy matters.
The second source of concern comes from the position held by Erkani in the path that led to the bankruptcy of First Republic Bank.
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