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Erkan Appointed as New CBRT Governor

TURKEY
  • President Erdogan officially named Hafize Gaye Erkan as the new central bank governor, replacing Sahap Kavcioglu in a move that may signal a return to more conventional monetary policy. After earning her doctorate, Erkan led a team and developed investment algorithms at Goldman Sachs, then went to First Republic in roles including Co-CEO, President and Board Member. Kavcioglu meanwhile, was moved to head the country’s banking watchdog, BBDK.
  • USD/TRY trades 1.65% in the green today, taking this week’s total gains to just above 11% and marking a fresh record high.
  • Seasonally and calendar adjusted industrial production fell 0.9% m/m (Est: +0.6%) in April versus a revised +5.8% in March, according to data released by the Turkish Statistical Institute. The yearly figure fell 1.2% (Est: +0.8%) versus a revised +0.4% the month prior.
  • There are no major economic releases or speaker events scheduled for the remainder of the day.

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