{"id":614534,"date":"2024-02-04T00:00:00","date_gmt":"2024-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/"},"modified":"2024-02-04T00:00:00","modified_gmt":"2024-02-04T00:00:00","slug":"erdogan-taps-new-central-bank-governor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/","title":{"rendered":"Erdogan taps new central bank governor"},"content":{"rendered":"

Turkey has a new central bank governor:<\/strong> Turkish President Recep Tayyip Erdogan has appointed Fatih Karahan (bio)<\/a> as the new head of the country\u2019s central bank after its former governor Hafize Gaye Erkan<\/a> stepped down, claiming to be facing a smear campaign from local media, Bloomberg<\/a> wrote. <\/p>\n

About Karahan: <\/strong>He has experience working as an economist at the New York Fed and Amazon. He taught at Columbia University and New York University and received his PHD in economics from the University of Pennsylvania. He has been serving as the central bank\u2019s deputy governor since July 2023. <\/p>\n

Too much change for an already fragile economy: <\/strong>Erkan held the position for a mere eight months but resigned following allegations that her father was involved in the bank\u2019s affairs. The TRY fell against the greenback following the news, dipping 0.5% to 30.5 per USD \u2014 the currency is down 23% against the USD since Erkan assumed her position in June. <\/p>\n

ALSO ON PLANET FINANCE-<\/strong>Plans laid for delayed Reddit IPO: <\/strong>Social media platform Reddit has chosen the New York Stock Exchange for its market debut penciled in for March. The company is aiming for an initial valuation of USD 5 bn when it goes public, down from a USD 10 bn valuation in 2021, an unnamed source told the Financial Times<\/a>.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

28,434<\/p>\n<\/td>\n

\n

+0.5% (YTD: +14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

21.25% deposit<\/p>\n<\/td>\n

\n

22.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,914<\/p>\n<\/td>\n

\n

+1.0% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,456<\/p>\n<\/td>\n

\n

-0.1% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,229<\/p>\n<\/td>\n

\n

+0.2% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,959<\/p>\n<\/td>\n

\n

+1.1% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,616<\/p>\n<\/td>\n

\n

-0.1% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,655<\/p>\n<\/td>\n

\n

+0.3% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 77.33<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.08<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,054<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 43,050<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.5% on Thursday\u2019s close<\/strong>on turnover of EGP 5.2 bn (49.7% above the 90-day average). Regional investors were net sellers. The index is up 14.2% YTD.<\/p>\n

In the green: <\/strong>Delta Sugar (+8.6%), Juhayna (+6.8%) and Madinet Masr (+6.2%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding (-8.3%), CIB (-3.5%) and Eastern Company (-2.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Turkey has a new central bank governor: Turkish President Recep Tayyip Erdogan has appointed Fatih Karahan (bio) as the new head of the country\u2019s central bank after its former governor Hafize Gaye Erkan stepped down, claiming to be facing a smear campaign from local media, Bloomberg wrote. About Karahan: He has experience working as an […]<\/p>\n","protected":false},"author":1,"featured_media":614535,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122,319,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-reddit","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"20c6ce9a-50b2-42b8-bd8e-d74aeee82b4e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/136.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey\u2019s Erdogan taps new central bank governor","related_issue":[614509],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.53c6ac2c-d6c4-4ef6-b228-6883034659bf.mp3"},"yoast_head":"\nErdogan taps new central bank governor - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Erdogan taps new central bank governor\" \/>\n<meta property=\"og:description\" content=\"Turkey has a new central bank governor: Turkish President Recep Tayyip Erdogan has appointed Fatih Karahan (bio) as the new head of the country\u2019s central bank after its former governor Hafize Gaye Erkan stepped down, claiming to be facing a smear campaign from local media, Bloomberg wrote. About Karahan: He has experience working as an […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-04T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/136.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Erdogan taps new central bank governor\",\"datePublished\":\"2024-02-04T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\"},\"wordCount\":319,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/136.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Markets\",\"Planet Finance\",\"Reddit\",\"Turkey\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/\",\"name\":\"Erdogan taps new central bank governor - 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The Turkey Wealth Fund reeled in some USD 7 bn in orders for\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636688,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/investors-are-piling-into-turkish-assets-as-the-countrys-reform-program-bears-tentative-fruit\/","url_meta":{"origin":614534,"position":1},"title":"Investors are piling into Turkish assets as the country\u2019s reform program bears tentative fruit","author":"enterpriseam admin","date":"5 August 2024","format":false,"excerpt":"TRY-denominated bonds have risen 6.3% since March\u2019s rate hike \u2014 far outstripping the average 1.1% increase across similar emerging markets","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":640428,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/26\/turkey-expected-to-start-cutting-sky-high-50-interest-rates-in-november\/","url_meta":{"origin":614534,"position":2},"title":"Turkey expected to start cutting sky-high 50% interest rates in November","author":"enterpriseam admin","date":"26 August 2024","format":false,"excerpt":"Turkey\u2019s central bank has raised interest rates by 4,150 bps since June 2023","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638912,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/17\/janet-yellen-isnt-the-only-prominent-central-bank-governor-who-may-not-keep-her-job\/","url_meta":{"origin":614534,"position":3},"title":"Janet Yellen isn\u2019t the only prominent central bank governor who may not keep her job","author":"enterpriseam admin","date":"17 October 2017","format":false,"excerpt":"Janet Yellen isn\u2019t the only prominent central bank governor who may not keep their job, as the Bank of Japan and the People\u2019s Bank of China may all have new bosses in early 2018. 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