– Lira Plunges After Erdogan Appoints Co-CEO Of Failed First Republic Bank As New Central Bank Governor:
Turkish President Erdogan, fresh from his re-election as president, has named Hafize Gaye Erkan as the new central bank head – and first ever female CBRT governor – replacing Sahap Kavcioglu in a move that some optimists claim may signal an attempt at returning to more conventional monetary policy (spoiler: it won’t). But even if it does mean the attempted end of Erdoganomics, the outcome will be another disaster for the Turkish economy for the simple reason that Erkan was formerly co-CEO of the failed First Republic Bank, and before that she of course worked at Goldman Sachs. Her current job will be to oversee the failure of Turkey, and take as much of the blame as possible even though the real culprit is someone else entirely.
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