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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 ... (full story)