Turkey’s Central Bank Governor, Hafize Gaye Erkan, known for her impactful career in the U.S. banking industry has moved in with her parents over her inability to afford the rent in Istanbul.
Appointed by President Recep Erdogan on June 8, 2023, Erkan has the monumental task of rejuvenating Turkey’s weakened economy, but her commitment to the cause has led her to a challenging predicament.
President Erdogan’s unorthodox economic approach, encapsulated by his directive to “keep interest low,” has drawn international attention. Despite its unconventional nature, this strategy aims to spur production and growth by encouraging borrowing. However, the consequences have been far-reaching, creating a soaring cost of living that even the Central Bank Governor herself cannot escape.
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Erkan, a Ph.D. holder in financial engineering from Princeton University, revealed in a recent interview that financial constraints have left her unable to afford a home in Istanbul. In a reflection of the harsh economic reality, she and her family have relocated to live with her parents.
The dire economic situation extends beyond Erkan’s personal struggles. With Turkey‘s inflation rate hitting a staggering 62 percent in November, the nation grapples with macroeconomic challenges reminiscent of other struggling economies.
Istanbul, the capital city, already faced a homelessness crisis, with approximately 150,000 people without homes according to a July 2020 report from the Borgen Project.