HomeFinance NewsEconomyE-Commerce Giant Steps into Central Banking: Amazon Exec to Lead Turkey's Economy

E-Commerce Giant Steps into Central Banking: Amazon Exec to Lead Turkey’s Economy


Turkey’s new central bank governor, formerly at Amazon and New York Fed, seen as a ‘credible choice’


Turkey has appointed a new central bank governor, Fatih Karahan, amid high inflation and a struggling economy.

Seeking stability, Karahan emphasizes price stability and aims to bring down inflation.

Economists show confidence in his experience, hoping for continuity in monetary policies despite changes in leadership.

Though interest rate hikes have been necessary to curb inflation, Turkish President Erdogan’s influence on monetary policy remains a factor, limiting the central bank’s independence.

Karahan’s predecessor, Hafize Gaye Erkan, resigned due to personal reasons after only eight months as Turkey’s first female central bank governor.

  • Overall sentiment: neutral
  • Positive

    “Investors and analysts say continuity in monetary policy priorities will engender confidence in Turkey’s new central bank chief.”

    “Wolfango Piccoli, co-president at advisory firm Teneo, agreed. “Like Erkan, Karahan is not a monetary economist, but is nevertheless regarded as a competent choice,” Piccoli wrote in an analysis for the firm.”


    “Turkey’s newly appointed central bank governor, Fatih Karahan, has his work cut out for him, after being named to the job by presidential decree over the weekend following the sudden resignation of his predecessor, Hafize Gaye Erkan.”

    “Turkey’s central bank has made eight consecutive interest rate hikes since May 2023 — for a cumulative 3,650 basis points — in an effort to rein in soaring inflation.”

    “The country’s currency, the lira, is down 38% against the dollar year to date and has lost more than 80% of its value against the greenback over the last five years.”

    “Karahan “will still have to operate within the boundaries of a central bank that is neither independent nor staffed by adequate professionals,” Piccoli added.”

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