Turkey Economy: Türkiye's days will change, will the economy improve? Erdogan's another big decision in the new term

Turkish President Recep Tayyip Erdogan has appointed Hafiz Gai Erkan as the governor of the Turkish Central Bank. She is the first woman governor to hold this post.

Turkish President Recep Tayyip Erdogan on Friday appointed a US-based bank executive as the head of the 'Turkish Central Bank'. Erdogan's move shows that his administration is showing interest in adopting traditional economic policies. Actually, Turkey 's economy is currently going through bad conditions. The inflation rate in the country has reached 40 percent. In such a situation, President Erdogan is busy taking big steps to change the days of Turkey.

According to the official gazette, President Erdogan has appointed Hafiz Gai Erkan as the governor of the Turkish Central Bank. She has been the Co-Chief Executive Officer of First Republic Bank. Erkan is the first female governor of the Turkish Central Bank. Erdogan won for the third time in the presidential election held last month. At present, Turkey is facing the crisis of rising cost of living due to inflation. In October, inflation had reached 85 per cent.

Erdogan responsible for economic crisis: critics

Critics of the Turkish President say that the economic crisis the country is currently facing is due to Erdogan's policies. Erdogan decided to reduce interest rates to promote growth. This policy of the Turkish President is in contrast to the traditional economic policies, in which interest rates are increased to deal with inflation. At present, the biggest challenge before Erdogan is to bring the economy back on track and control inflation.

What is meant by appointment?

At the same time, last week Erdogan appointed Mehmet Simsek as Finance Minister and Deputy Prime Minister. Former banker Simsek will take charge of Finance and Treasury Ministry. Simsek has returned to the cabinet after five years of retirement from politics. The appointments of Simsek and Erkan are being seen as a special sign.

These appointments made through Erdogan show that he is about to abandon his policies, which economists termed as unorthodox. Erdogan took many decisions to improve the economy, but none of their benefits were seen. This is the reason that now a lot of hope is being expressed from both these people.