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Erkan Resigns as CBRT Governor; Consumer Prices Rise 6.7% M/M

TURKEY
  • Hafize Gaye Erkan announced on X late last Friday that she would be stepping down from her role as Governor of the CBRT. The central bank released a statement shortly following Erkan’s announcement, appointing Deputy Governor Fatih Karahan to replace her. Karahan has been a member of the central bank’s MPC since July and had previously worked at the New York Fed, signalling a continuation of the transition to more orthodox economic policy.
  • The Ministry of Finance stated that the Governor’s resignation had been entirely for personal reasons and that President Erdogan has full confidence in the economic team and its programme. Simsek said, "The policies led by Erdogan will continue to be implemented under the leadership of the new governor".
  • Turkish consumer prices rose 64.86% y/y (Est: +64.56%) in January versus +64.77% in December, according to the Turkish Statistical Institute. Month-on-month, prices rose 6.7% (Est: +6.50%) compared to +2.93% the month prior. Core prices rose 70.48% y/y (Est: +68.80%; Prior: +70.64%). Following the data, Simsek said on X that temporary effects reflected in January’s monthly inflation data are not expected to have an impact on the main trend.
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