Gaye Erkan's mission: Balancing Turkish economy with global expertise

21 Aralık 2023 Perşembe

In a serious country, the last person to be a subject of gossip is the head of the Central Bank. The person in charge of money generally speaks only in their field of interest, and only if "necessary."

Hafize Gaye Erkan, the Governor of the Central Bank of the Republic of Turkey, explained in an interview with Hürriyet on Saturday, December 16, how this is done in the "Turkish way" in a very understandable manner.

In fact, the strength of the dialogue among social strata in Turkey was beautifully demonstrated by Ms. Gaye's relationship with her apartment building's caretaker, Sadık.

The concept of a social state in Turkey, once again illustrated by Ms. Gaye's mother opening her home to her daughter, is not just a national phenomenon but also a global one. This is the most important factor preventing social upheavals in Turkey.


Despite being away from Turkey for 22 years without severing ties with her country, Ms. Gaye, through her responses to Ahmet Hakan's questions in the interview and her life story, illustrated our current situation and how far we have come. In the university entrance exam in 1997, she ranked 26th in Turkey and chose Boğaziçi University. Looking at the current state of Boğaziçi University, Ms. Gaye must feel a twinge of sorrow.

Ms. Gaye left for abroad "just in time" at the beginning of the 2000s! Considering the institutions where she built her career, it can be said:

She has worked in almost every institution belittled and insulted by Erdoğan. Her main areas have been banking, risk, interest, and similar fields, which have made Erdoğan famous as a great economist.

Again, from the interview, we understand that Ms. Gaye has explained to Erdoğan everything that needs to be done, including discussing interest rates before starting. It inevitably raises the question: "How revolutionary it is to entrust the management of money to someone whose main job is interest, which you are so hostile to. Why did you make the country dependent on Nebati's eyes for years?"

Ms. Gaye's learning about the economy of the people not from TÜİK but from her building caretaker Sadık is a sound method. If you calculate inflation based on five building caretakers instead of TÜİK, you would not miss the mark.


As Turkey's first female Central Bank Governor, Ms. Gaye has set up the system quite well. It's easier to manage problems than to solve them. For 10 years, inflation is going to drop to single digits next year, or in two years at most! Ms. Gaye is also making the same promise.

She graciously acknowledges that the public has tightened its belt enough.

Her harmony with Erdoğan is, of course, very important. Let's quote her words without alteration:

"In our briefing meetings with the President, I told him, 'Tell us three areas, and we will make them surge. Just like you opened the way for us in the defense industry, which you see as strategic, tell us the strategic areas to support.'"

Well said, Ms. Gaye. If you wrap up Erdoğan's "how" with the people's "woe" and add your international experience, there won't be an area left unimproved.

Erdoğan will surely tell you the areas that need to surge, but let us remind you of those already in distress: retirees, wage earners, the unemployed...

Your idea of tying your hair in a ponytail and walking unrecognized among the public is also very wise. Otherwise, not everyone might be as polite as your building caretaker Sadık.

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