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☆ The Fed's rate decision and May inflation data will be key tests for the stock market next week
▼ + stars: | 2024-06-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

The next rate decision from the Federal Reserve coupled with May inflation data, both on Wednesday, will play key roles in how stocks perform next week — quite probably lending added volatility to an already jittery market. The Fed's rate decision All eyes are on the Fed next week and its rate decision that's set to come down at 2 p.m. Wednesday. But investors have tempered expectations since then amid a spate of stubborn inflation data. That makes May's consumer price index report due out before the bell Wednesday another key focal point for investors. Economists polled by Dow Jones are bracing for the consumer price index to rise 3.4% year over year and 0.1% on a monthly basis.

Persons: nonfarm, Kathryn Kaminski, Scott Wren, they've, it's, Tony Roth, Envestnet's Dana D'Auria, D'Auria, Dow Jones, Wells, Wren, John Belton, Apple, Jerome Powell, John Wiley Friday Organizations: Federal, Nvidia, Apple, Microsoft, GameStop, Dow, AlphaSimplex Group, Fed, Federal Open Market, European Central Bank, European Union, Wells Fargo Investment, Wilmington Trust's, CPI, Apple's Worldwide, Broadcom, Dave, Treasury, Signet Jewelers, University of Michigan Locations: Wells Fargo, Cupertino , California

☆ Malaysian central bank governor discusses country's moderating inflation
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMalaysian central bank governor discusses country's moderating inflationAbdul Rasheed Ghaffour, governor of Bank Negara Malaysia, discusses the outlook for inflation in Malaysia.

Persons: Abdul Rasheed Ghaffour Organizations: Malaysian, Bank Negara Malaysia Locations: Bank, Malaysia

☆ European Central Bank’s Knot says monetary policy to ease ‘gradually,' as markets brace for June rate cut
▼ + stars: | 2024-05-29 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Klaas Knot, president of De Nederlandsche Bank NV, on the sidelines of the Group of 20 (G-20) finance ministers and central bank governors meeting in Gandhinagar, India, on Tuesday, July 18, 2023. Bloomberg | Bloomberg | Getty ImagesLONDON — European Central Bank Governing Council member Klaas Knot said it would "soon" be time to ease monetary policy in the region, but cautioned that the process would need to be done slowly to keep inflation in check. "It can soon be appropriate to ease the currently restrictive monetary policy stance and gradually take our foot off the brake ... policy rates will slowly but gradually move into less restrictive levels," Knot, head of the central bank of the Netherlands, said at the Barclays-CEPR International Monetary Policy Forum in London Tuesday. In a Reuters poll of 82 economists this week, all said they expected a June cut. Knot, usually known for his more hawkish stance, said Tuesday there had been "clear disinflation" since the peak above 10% in late 2022, particularly in goods inflation.

Persons: Klaas Knot Organizations: De Nederlandsche Bank, Bloomberg, Getty, Central Bank Governing, Barclays, CEPR, Monetary, ECB, U.S . Federal Reserve, Bank of England, Reuters Locations: Gandhinagar, India, Netherlands, London

☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ Welcome to anti-office Fridays and quiet vacationing
▼ + stars: | 2024-05-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at the push for WFH Fridays and how that plays into the "quiet vacationing" phenomenon . The big storyAnti-office FridaysHector Roquet Rivero/Getty Images; Jenny Chang-Rodriguez/BIWith all due respect to summer Fridays, we've found a year-round replacement: WFH Fridays. But WFH Fridays' staying power remains to be seen. Which brings us back to WFH Fridays. The end result could be employers saying abuse of WFH Fridays means they need you back in the office… for good.

Persons: —, Hector Roquet Rivero, Jenny Chang, Rodriguez, we've, Insider's Juliana Kaplan, Noah Sheidlower, It's, Taiyou Nomachi, millennials, they've, BI's Kelsey Vlamis, haven't, it's, Momo Takahashi, Goldman Sachs, SEB Research, That's, Andrew Caballero, Reynolds, Isabel Fernandez, OpenAI, Scarlett Johansson, Sam Altman, Y Combinator, Tyler Le, Mark Cuban, Vivek Ramaswamy, Burger King, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett, Laine Napoli Organizations: Service, Business, Workers, Companies, RBC Capital, Pujol, BI, Microsoft, Google, Bloomberg, Finance Ministers, Central Bank Governors Locations: Dublin, Germany, Meta, BuzzFeed, New York, London, Chicago

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ Japan's finance minister says yen intervention may be necessary when there are 'excessive' moves
▼ + stars: | 2024-05-03 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "When there is an excessive movement, it may be necessary to smooth it out," he told CNBC's Dan Murphy, according to a translation. Japanese Finance Minister Shunichi Suzuki on Friday backed currency interventions by his country's policymakers if the yen moved in sharp directions that started to impact households and companies. The finance minister declined to comment when asked whether current levels for the yen were appropriate. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose strategy.

Persons: Shunichi Suzuki, CNBC's Dan Murphy, they've, Nicholas Smith Organizations: Toki, Japanese Finance, CNBC Locations: Niigata, Japan, Tbilisi , Georgia, propping

☆ ECB's Boris Vujčić: We will 'run our policy independently of the Fed'
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB's Boris Vujčić: We will 'run our policy independently of the Fed'Boris Vujčić, Croatian central bank governor and the European Central Bank's Governing Council Member, says there have been "obvious divergences between the U.S. and Europe since the start of the inflation cycle."

Persons: Boris Vujčić Organizations: Central Bank's Governing, Member, U.S Locations: Croatian, Europe

☆ Watch CNBC's full interview with the Brazilian central bank governor
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with the Brazilian central bank governorRoberto Campos Neto, governor of the Central Bank of Brazil, speaks to CNBC's Karen Tso at the IMF Spring Meetings in Washington, D.C.

Persons: Roberto Campos Neto, Karen Tso Organizations: Central Bank of Locations: Brazilian, Central Bank of Brazil, Washington ,

☆ Bank of Korea chief says won volatility is a little 'excessive' and will intervene if needed
▼ + stars: | 2024-04-17 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The Bank of Korea will intervene to control currency volatility if needed, the central bank's chief told CNBC, describing the recent market fluctuations as a little "excessive." Central bank governor Rhee Chang-yong said external factors are fueling the Korean won 's movement. Rhee attributed the won's weakness to the strength of the U.S. dollar as well as geopolitical tensions in the Middle East. Weakness in other Asian currencies like the Japanese yen and Chinese yuan are also affecting the won, he added. The won strengthened on Wednesday to as high as 1,382.6 per dollar, up 1.26% after hitting a 17-month low and breaching a major threshold of 1,400 per dollar on Tuesday.

Persons: Rhee Chang, CNBC's Karen Tso, Rhee Organizations: Bank, CNBC, Korean, U.S Locations: Korea, Washington

☆ Middle East tensions pose the biggest threat to rate cuts, European Central Bank policymaker says
▼ + stars: | 2024-04-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Tensions in the Middle East pose the biggest threat to a prospective interest rate cut from the European Central Bank, according to ECB policymaker Robert Holzmann. "At this stage, I think the biggest threat is geopolitics, because we have seen what's happened in the Middle East," Austrian central bank governor Holzmann told CNBC's Karen Tso on Wednesday. Holzmann singled out ramifications for energy prices as the single most important factor in terms of Europe's fight to tame inflation. "As summer approaches we can start reducing the level of restriction in monetary policy, provided that inflation continues to fall as projected." He recently told Reuters that the ECB could moderate rates in June, indicating a growing consensus for a near-term move.

Persons: Robert Holzmann, Holzmann, Karen Tso, policymaker Olli Rehn, Rehn Organizations: European Central Bank, ECB, International Monetary, Bank of, Brent, U.S, West Texas, Reuters Locations: Austrian, Hormuz, Iran, Israel, Russia, Ukraine, Bank of Finland, London

☆ ECB’s Holzmann says biggest threat to strategy is the geopolitical situation in the Middle East
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB’s Holzmann says biggest threat to strategy is the geopolitical situation in the Middle EastEuropean Central Bank policymaker Robert Holzmann, who also serves as Austria's central bank governor, says geopolitical risk is the biggest threat to the ECB’s strategy.

Persons: Holzmann, Robert Holzmann Organizations: East European Central Bank

Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymaker Joachim Nagel said Wednesday that a rate cut for the institution looks increasingly likely for June, but added that certain parts of the incoming inflation data still look higher than desired. watch nowEarlier Wednesday, Mario Centeno, governor of Portugal's central bank, said it was "about time to change this monetary policy cycle." The ECB's June interest rate decision would be "very important," he said. Markets are widely pricing in the first rate cut from the ECB to take place in June. watch nowEarlier this week, ECB President Christine Lagarde said that unless there were any major shocks, the ECB was on track to cut interest rates soon.

Persons: Joachim Nagel, Alex Kraus, Central Bank policymaker Joachim Nagel, Germany's Bundesbank, Karen Tso, " Nagel, —, Mario Centeno, CNBC's Tso, Christine Lagarde, disinflation, CNBC's Sara Eisen, Robert Holzmann, Holzmann, wasn't Organizations: Deutsche Bundesbank, Bloomberg Television, Bloomberg, Getty, Central Bank, ECB Locations: Frankfurt, Germany, Washington ,, Europe, Portugal's, Austrian, East

☆ Zimbabwe just introduced a new gold-backed currency in an attempt to fight inflation and wean off the US dollar
▼ + stars: | 2024-04-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Last week, the country's central bank introduced a new gold-backed currency called Zimbabwe Gold, or ZiG, in an attempt to tame price gains that reached a seven-month high of 55% in March. The Zimbabwe dollar — the currency the country most recently used — has tanked 80% this year alone. AdvertisementOn Thursday, Zimbabwe's central bank governor, John Mushayavanhu, said the country has real gold and mineral assets to back up the new ZiG currency. The ZiG started trading on Monday at an exchange rate of 13.56 to the dollar set by the central bank. AdvertisementHowever, moving to the new ZiG currency could solve at least one problem, for a start: a shortage of US coins.

Persons: —, There's, John Mushayavanhu, Mushayavanhu, Hasnain Malik, Tellimer, Robert Mugabe Organizations: Service, Zimbabwe, Business, of America, BBC, New Development Bank, International Monetary Fund Locations: Zimbabwe, Zimbabwe's

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ Japan FX tsar Kanda says speculation behind weak yen, ready to take action
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +1 min

Masato Kanda, vice-minister of finance for international affairs at Japan's Ministry of Finance, during a press conference after the Group of 20 (G-20) finance ministers and central bank governors meeting. "Looking at currencies, the dollar/yen pair has gone through big fluctuations of 4% over only the past two weeks," Kanda told reporters. Kanda described the recent yen moves as "speculative." He said he wouldn't rule out any measures but stands ready to respond appropriately to the currency's move. He added he has been closely watching currency moves with a sense of urgency, even when he was travelling overseas over the weekend.

Persons: Masato Kanda, Kanda Organizations: Japan's Ministry of Finance

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

☆ Libyan leaders agree to form new unified government
▼ + stars: | 2024-03-11 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

Reuters —Three key Libyan leaders said on Sunday they had agreed on the “necessity” of forming a new unified government that would supervise long-delayed elections. The leaders are the president of the Presidential Council (PC) Mohamed Menfi, the head of High State Council (HSC) Mohamed Takala, who are both based in Tripoli, and Aguila Saleh, speaker of the House of Representatives (HoR) in Benghazi. In a joint statement, the three leaders also called on the UN Mission in Libya and the international community to support their proposals. Dbeibah has vowed not to cede power to a new government without national elections. Last week, Central Bank governor Sadiq Kabir wrote to parliament asking it to approve a new unified government and a national budget over GNU extent spending.

Persons: Mohamed Menfi, Mohamed Takala, Aguila Saleh, ”, General Ahmed Aboul Gheit, ” Menfi, Menfi, Abdulhamid, Dbeibah, Sadiq Kabir Organizations: Reuters, Presidential Council, High State, UN, Arab League, Government of National Unity, GNU, Central Bank Locations: Libya, Tripoli, Benghazi, Cairo, UN, NATO

China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to prop up consumer prices. BEIJING — China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to "mildly" prop up consumer prices. This is part of Beijing's broader economic policy "adjustments" so the economy can hit its growth target of around 5% for the year, while adhering to a 3% fiscal deficit. For investors in the near term, the primary concern remains how much China's policymakers are focused on ensuring growth. "If China's economy encounters unexpected shocks in the future, or the international environment undergoes unexpected changes, we still have tools in reserve in our policy toolbox," he said.

Persons: Gongsheng, Huang Shouhong Organizations: People's Bank of, State, CNBC Locations: BEIJING, People's Bank of China, China

ANKARA, Turkey (AP) — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor's surprise resignation. The duty of the central bank is to ensure and maintain price stability,” Karahan told reporters in Turkey’s capital, Ankara. Erdogan, who has previously fired central bank governors who spurned his unorthodox policies, appointed the new economic team after getting reelected in May. The Turkish central bank most recently raised its key interest rate by 2.5 percentage points in January, when inflation reached nearly 65%. Despite such hikes, inflation remains high — consumer prices rose to an eye-watering 64.86% in January from a year earlier, according to figures released Monday, up from 64.77% in December.

Persons: Fatih Karahan, Goldman Sachs, Karahan, Mehmet Simsek, ” Karahan, Hafize Gaye Erkan, ”, Erkan, Recep Tayyip Erdogan's, Erdogan, ___ Robert Badendieck Organizations: Finance, Turkish Locations: ANKARA, Turkey, Ankara, Turkish, Ukraine, Istanbul

☆ Analysis-Russia's GDP Boost on Military Spending Belies Wider Economic Woes
▼ + stars: | 2024-02-07 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +5 min

Other economists say Russia is pumping the economy with one-time, unproductive investments that yield limited future benefit. 'NOT ALL GROWTH IS GOOD'The International Monetary Fund expects Russia's economy to grow faster than all G7 economies this year but less than emerging European economies. Military expenditure has supported economic growth of countries at war throughout history. According to Rosstat, Russia's labour productivity index, one of Putin's key national development goals, fell 3.6% year-on-year in 2022, its steepest annual fall since the aftermath of the global financial crisis in 2009. "I don't see current economic growth as lasting or qualitative," said Nadorshin.

Persons: Darya Korsunskaya, Alexander Marrow, Vladimir Putin, Sergei Khestanov, Alexandra Suslina, CAMAC, Rosstat, Anton Kotyakov, Yevgeny Nadorshin, Central Bank Governor Elvira Nabiullina, Darya, Gareth Jones Organizations: Statistics, Reuters, Soviet Union, International Monetary Fund, IMF, Labour, PF, Central Bank Governor Locations: Russia, Ukraine

ISTANBUL (AP) — Turkey has seen its fifth central bank leader depart in as many years as Hafize Gaye Erkan, the first woman in the top role, stepped down after just eight months in the job. Photos You Should See View All 45 ImagesHere are key things to know about the central bank shakeup and what it means for Turkey's battered economy:WHY IS THERE A NEW CENTRAL BANK LEADER? Erkan resigned after weeks of media stories about her father’s undue influence in the central bank’s Istanbul office. Previous changes in central bank leadership has seen Erdogan row back on efforts to bring inflation under control through interest rate hikes. He was brought in as the bank’s deputy head at the same time Simsek took over the Finance Ministry and Erkan was appointed to lead the central bank.

Persons: Hafize Gaye Erkan, Goldman Sachs, Recep Tayyip Erdogan, — Erkan, ”, Fatih Karahan, Mehmet Simsek, Erdogan, Erkan, Karahan, Simsek's, Simsek, Liam Peach, Selcuki, ” “ It’s, ” Selcuki Organizations: —, Finance, WHO, FATIH, Finance Ministry, University of Pennsylvania, Federal Reserve Bank of New, Amazon, Capital Economics, Istanbul Economy Research Locations: ISTANBUL, — Turkey, Turkey, Istanbul, Simsek, U.S, Federal Reserve Bank of New York, Columbia, New York, Ankara

☆ Turkey's new central bank governor, formerly at Amazon and New York Fed, seen as a 'credible choice'
▼ + stars: | 2024-02-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

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.

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

☆ Turkey’s Central Bank Chief Steps Down Amid Long Inflation Battle
▼ + stars: | 2024-02-03 | by ( Ben Hubbard | More About Ben Hubbard | ) www.nytimes.com time to read: 1 min

President Recep Tayyip Erdogan of Turkey appointed a new central bank governor early Saturday, hours after the abrupt resignation of his previous appointee, who said she was stepping down because of “a major reputation assassination campaign.”The departing central bank chief, Hafize Gaye Erkan, was the fifth in five years, and the first woman to hold the post. The bank’s deputy governor, Fatih Karahan, was swiftly promoted to take her place. The surprise change-up came about eight months into a shift in Turkey’s economic program aimed at taming a yearslong cost-of-living crisis that has been painful for many Turks. Annual inflation as of last month was about 65 percent. In an apparent effort to reassure investors, senior officials said that Ms. Erkan’s departure did not signal a change in policy.

Persons: Recep Tayyip Erdogan, ”, Hafize Gaye Erkan, Fatih Karahan, Erkan’s Locations: Turkey

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