In November 2020, Erdogan tapped former Minister of Finance Berat Albayrak to fill the vacated post of Central Bank Deputy Governor in charge of the Banking Regulation and Supervision Agency. The decision caused an uproar within the Turkish economy, given Albayrak’s lack of direct experience in financial markets and banking supervision. However, Albayrak is widely seen as a trusted ally of the president and has a reputation as a staunch champion of the government’s reform plans. Albayrak is thought to have been chosen to further tighten the already tight grip of the ruling AK Party on financial policy, and the appointment of the former minister suggests a more centralized approach to monetary and fiscal policy than was expected.
Crypto Expert Chosen by Erdogan for Turkey’s Central Bank Board
