KEY POINTS
  • U.S. finance executive Hafize Gaye Erkan has been named as Turkey's new central bank governor.
  • Her appointment, alongside new economy minister Mehmet Simsek's, could be a sign that Turkey's monetary policy will normalize following years of ultra-low borrowing costs and soaring inflation.
Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara.

Turkey's President Recep Tayyip Erdogan has appointed a former Wall Street banker Hafize Gaye Erkan as the country's new central bank governor — another move that could potentially mark a policy pivot away from economic unorthodoxy.

Erkan, Turkey's first female central bank chief, was a former managing director at Goldman Sachs and co-CEO at First Republic Bank.