Hafize Gaye Erkan, the first woman governor of Türkiye's Central Bank, announced her resignation on Friday, saying that the economic policies have started bearing their fruits, as Finance Minister Mehmet Şimşek said the policies will continue with determination.
In a message posted on X, Erkan said she's been proudly serving as the chair of the Central Bank since June 8, 2023, and the increase in Türkiye's reserves and economic data and indicators on inflation prove this success.
"A major reputation assassination campaign has recently been organized against me," Erkan said in her statement, referring to recent defamation campaign launched against her on social media.
She added that she was stepping down "in order to prevent my family and my innocent child, who is not even one-and-a-half years old, from being further affected by this process."
She thanked President Recep Tayyip Erdoğan and expressed her gratitude for his support during her term.
Meanwhile, Finance Minister Şimşek said Erkan's decision is a personal decision and she took it at her discretion, as he said the policies led by President Erdoğan will continue to be implemented under the leadership of the new governor.
"I respect her decision and thank her for her service to our country," Şimşek said.
He noted that Türkiye will continue to walk toward its price stability targets with strong cooperation and coordination of the economy team.
On Wednesday, Erdoğan decried efforts to spread "rumors" meant to undermine economic progress, in an apparent endorsement of Erkan, who had criticized a recent press report about her family.
"When the central bank's reserves reached a record-breaking $145.5 billion, they took immediate action. They launched campaigns to disrupt the climate of confidence and stability in our economy with unreasonable rumors, which could undermine the progress we have made," Erdoğan said.
He did not specify the rumors nor reference Erkan directly, though earlier in the speech he cited "opposition" efforts to criticize the government and economy.
Vice President Cevdet Yılmaz also thanked Erkan for her service, saying that they will remember her for her valuable contributions to the Economy Coordination Council. He continued by saying that the medium-term program, strongly embraced by President Erdoğan, will continue to be implemented with determination.
Erkan is a former co-CEO at First Republic Bank and managing director at Goldman Sachs. Her appointment came as Erdoğan reshuffled his economic team after winning reelection on May 28 extending his rule into the third decade. In one of the most prominent changes, he named Şimşek, who is highly regarded by financial markets, as treasury and finance minister.
