[HIGHLIGHTS] Türkiye: Recep Tayyip Erdoğan appoints Fathi Karahan as new head of the central bank

Fathi Karahan replaces Hafize Gaye Erkan as head of the Turkish central bank. Erkan's term as governor lasted less than eight months.

She resigned following corruption allegations, citing personal reasons. Karahan, 42, has worked in the USA for years and holds an economics degree from the University of Pennsylvania and worked as an economist at the Federal Reserve Bank (Fed) of New York. He replaces Erkan, who initiated a U-turn in monetary policy with several interest rate hikes.