Hafize Gaye Erkan, the new head of Turkey’s central bank, has relocated to her parents’ home due to the exorbitant cost of living, particularly housing, in Istanbul.
Having worked in the United States for two decades, she expressed surprise at the steep prices, comparing them to Manhattan and highlighting the challenges posed by rampant inflation.
President Erdogan’s economic strategies, including a weakened lira, have contributed to a 61 percent year-on-year inflation rate in November.
Erkan, having implemented measures like a 40 percent benchmark lending rate, acknowledged the ongoing efforts to control inflation in her interview with Hurriyet newspaper.
