A report by Bloomberg Agency stated that the former co-CEO of the American First Republic Bank, Hafize Gaye Arkan, is a candidate to lead the Central Bank of Turkey, as President Recep Tayyip Erdogan is rushing to finish adjusting his economic team, after winning a third presidential term.

Arkan – who is in her early forties – met with Mehmet Simsek, the newly appointed Turkey Finance Minister, on Monday, as news spread about her candidacy for the position of governor of the Turkey Central Bank. If chosen, Arkan will be the first woman to lead the Central Bank of Turkey.

Arkan holds a Ph.D. in financial engineering and applied mathematics from Princeton University, according to her LinkedIn page.

– Arkan spent about 8 years in the American “Versalt Republic Bank”, which recently collapsed in the crisis of American banks, and was acquired by “JP Morgan” bank to save it.

– She graduated in the First Republic Bank between several positions until she reached the position of CEO and Chief Investment Officer.

– Arıkan abruptly resigned more than a year ago from the First Republic, after which she assumed the position of CEO of the New York-based mortgage bank, Gray Stone, before leaving after a few months.

During her career, Arıkan worked for nearly a decade at Goldman Sachs, and two years at Tiffany & Co., in addition to her membership in the boards of directors of American companies.

Before the appointment of the current central bank governor in March 2021, Erdoğan had ousted his three predecessors for tightening monetary policy against his will. The Turkish central bank did not raise interest rates under Davutoglu’s leadership at all, but rather cut them to 8.5 percent, compared to 19 percent at the start of his tenure.

Erdoğan was publicly calling for a rate cut below the 10 percent level, and he promised to do so more than once, as he believed that this would support production and investment.

Other than Arıkan, the names of other candidates to take over the management of the Central Bank of Turkey have not been announced, and Oglu’s tenure for the position will not end until 2025.

The markets are currently awaiting the meeting of the Turkish Central Bank, scheduled to be held on June 22, to see whether Erdoğan will change his policy and allow the return of interest hikes in his new term, or will continue his unconventional policy of keeping interest rates low despite high inflation