Banking Turmoil

Ex-First Republic Executive to Head Turkey’s Central Bank

Hafize Gaye Erkan’s appointment represents a possible return to more-orthodox economic policies

Hafize Gaye Erkan was co-CEO of First Republic Bank until late 2021. Photo: Anadolu Agency via Getty Images

ISTANBUL—Turkey’s President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors.

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