The Governor of the Central Bank of Turkey Hafiz Gage Erkan resigned from her duties, as she announced this Friday in a post on the X platform.

In her post, she speaks for character assassination campaign against her, and thanks the finance minister, her colleagues and the Turkish president who assigned her the position for their cooperation. It is recalled that Erkan had received criticism after Turkish media, according to which her family involved in the bank’s affairs. It all started when a central bank employee claimed she was fired at her father’s demand.

Its selection by the Erdogan government had been hailed as a sign of a “change of course” in the Turkish president’s interest rate hike policy. Erkan took office on June 8, 2023.

In a 180-degree U-turn last summer, the Turkish president handed over the “helm” of the economy to Erkan and new finance minister Mehmet Simsek.

Inflation in Turkey is running according to official data with a percentage close to 65%, however, the independent institute ENAG (Inflation Research Group), which consists of various university economists, calculates the increase in the Consumer Price Index on an annual basis of around 130%.

For his part, Finance Minister Mehmet Simsek emphasized that the economic program, “led by our president Recep Tayyip Erdogan, continues unabated and determined.”

Mr. Simsek maintains that the decision made by Hafiz Gage Erkan is completely personal and emphasizes that the new administration of the Central Bank of Turkey will be appointed following his recommendation.