Ex-First Republic Executive to Head Turkey’s Central Bank

ISTANBUL—Turkey’s President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors. The new central-bank governor is Hafize Gaye Erkan, who until late 2021 was the co-CEO of First Republic Bank, which collapsed and was sold to JPMorgan Chase last month. Erkan is Turkey’s first woman central-bank governor and replaces Sahap Kavcioglu, an Erdogan loyalist who was installed in March 2021 as the Turkish president took greater command over the economy.