5 Feb 2024

๐Ÿ‡น๐Ÿ‡ท A Surprise Resignation at the Central Bank of Turkey (CBT) ๐ŸŒŸ

Governor Hafize Gaye Erkan's sudden resignation from the Central Bank of Turkey (CBT) has stirred questions about its impact on monetary policy and financial markets. Erkan, who made history as the first woman to lead the CBT, took office less than eight months ago with a mandate to adopt a more orthodox monetary policy. She swiftly raised the benchmark interest rate to 45% to combat soaring inflation. Following Erkan's exit, her deputy, Fatih Karahan, assumed leadership. With experience from the New York Federal Reserve and Amazon, Karahan is expected to maintain a strict monetary stance. He affirmed a commitment to monetary tightening until inflation aligns with the CBT's goals. This transition arrives amid high consumer price inflation, expected to remain around 65% for January. Karahan's appointment underscores the nation's policy continuity and commitment to economic stability through orthodox monetary measures. As financial markets react, we'll closely watch the CBT's policy decisions under Governor Karahan's leadership and their impact on the Turkish economy. ๐Ÿ‡น๐Ÿ‡ท๐Ÿ“ˆ Source: Bloomberg #CBT #TurkeyEconomy #MonetaryPolicy #MarketImpact


This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

Read More

Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

Thinking out loud

Sign up for our weekly email highlighting the most popular posts.

Follow us

Thinking out loud

Investing with intelligence

Our latest research, commentary and market outlooks