Turkey's newly appointed central bank governor Fatih Karahan has his work cut out for him, named to the job by presidential decree over the weekend after the sudden resignation of his predecessor, Hafize Gaye Erkan. Previously the central bank's deputy governor, Karahan's resume features years spent in prominent American institutions and companies. Turkey's consumer price index print came out Monday showing a roughly 65% increase year-on-year for the month of January. Its central bank has made eight consecutive interest rate hikes since May 2023 — for a cumulative 3,650 basis points — in an effort to rein in soaring inflation. While painful for the country, investors and economists say the rate hikes have been necessary and that continuity in monetary policy priorities will engender confidence in the new central bank chief.

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Persons: Turkey's, Fatih Karahan, Hafize Gaye Erkan, Karahan's, —, Karahan Organizations: University of Pennsylvania, Federal Reserve Bank of New, Columbia University, New York University, Amazon, greenback Locations: Federal Reserve Bank of New York, Turkish