2023-12-16 17:57:46
Due to high inflation, Hafize Gaye Erkan, the governor of the central bank in Turkey since June, says he cannot obtain a home in Istanbul. That is why she and her family moved in with her parents.
“We couldn’t find a house in Istanbul. It is very expensive. We went to live with my parents,” 44-year-old Erikan told the newspaper Liberty. Erkan previously worked at Goldman Sachs and First Republic Bank in the United States. “Could Istanbul have become more expensive than Manhattan?”
Turks faced annual inflation of 61 percent in November. This means that prices rose somewhat faster than earlier this year. Under Erkan, the central bank raised interest rates to 40 percent to suppress inflation.
After his election victory in June, President Recep Tayyip Erdogan promised more conventional economic policies for Turkey. In previous years, the Turkish lira lost significant value and prices in the country rose sharply due to concerns about Erdogan’s influence on the central bank. The president believed that policymakers should lower interest rates in the fight against inflation, while central banks normally increase borrowing costs to control price increases.
Erkan said to Liberty that the central bank is heading towards the end of the interest rate hike cycle.
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