KEY POINTS
  • Turkey's central bank governor Hafize Gaye Erkan resigned on Friday, citing a need to protect her family amid a "reputation assassination."
  • The first woman to lead the central bank, Erkan was its fifth governor in as many years.
  • She was swiftly replaced by Deputy Governor Fatih Karahan, who is expected to carry on her tight policy stance.
Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023.

Turkey's central bank governor Hafize Gaye Erkan resigned on Friday, citing a need to protect her family amid a "reputation assassination", and she was swiftly replaced by a deputy who is expected to carry on her tight policy stance.

President Tayyip Erdogan - who hired Erkan eight months ago to pivot away from years of inflation-fueling low interest rates to a more orthodox policy - named Deputy Governor Fatih Karahan to take the reins, the Official Gazette said early on Saturday, two hours after the surprise resignation.