The first female Governor of the Central Bank of the Republic of Turkey, Hafize Gaye Erkan, just announced her resignation. In her announcement on social media, she requested to be relieved of her duties, having recently been in the news due to stories about her and her family. We can observe that this development has led to movements in the TRYUSD exchange rate.
TCMB Governor Resigns
Erkan, who was the institution’s first female Governor and also had experience with the Fed and in senior banking positions, was enthusiastically welcomed by everyone. In her recent post, she wrote the following;
“As the public is aware, I have been serving as the Governor of the Central Bank of the Republic of Turkey since June 8, 2023. As a child of this land, born and raised here, and having received my education here, I came to my country without considering my personal circumstances when this sacred duty was entrusted to me. Even at that time, I was aware of the difficulties of carrying out such an intense task as the mother of a child not yet of age. I have been tirelessly at my post day and night to serve our state and our nation. At this point, our economic program has started to bear fruit. The increase in our reserves and indicators regarding the main trend of inflation and economic data are proof of this success. Despite all these positive developments, as the public is aware, a significant smear campaign has been organized against me recently. To prevent my family and especially my innocent child, who is not even one and a half years old, from being affected any further, I have requested to be relieved of my duty, which I have carried out with honor since the first day, from our President. I owe a debt of gratitude to our Minister of Treasury and Finance, who made it possible for me to experience the pride of being the first female governor of the Central Bank of the Republic of Turkey, and to my colleagues who have worked with great dedication day and night for about 9 months while I have been in this position. Especially, after 22 years of management and banking experience in the private sector in America, I express my gratitude and appreciation to our President, who has never withheld his support during my tenure and has given me the opportunity to serve my country and nation, which will be the greatest legacy I leave to my child.”
Respectfully.
