Turkey appointed an academic who previously worked at Citigroup and HSBC in London as a deputy central bank governor, the official gazette said on Friday.
Emrah Sener joined the central bank from Istanbul’s Ozyegin University. Sener holds a doctorate in mathematical finance from Imperial College London and a masters degree from the London School of Economics.
A source familiar with the matter told Reuters in August that Sener would be appointed as deputy governor. Sener previously worked at the London office of Bank of America and, before that, the fixed income and credit trading department of Citigroup. He also worked at HSBC.
His research has included work on the impact of macroeconomic and monetary policies on asset prices, according to his biography. In April, Turkey appointed Murat Cetinkaya as its central bank governor, the first from an Islamic finance background. Since his appointment, Cetinkaya has steadily cut rates, in line with President Tayyip Erdogan’s demands for cheaper credit.
President Tayyip Erdogan, who favours consumption-led growth, has previously equated high interest rates with treason and said that interest rates cause inflation, a stance at odds with orthodox economics.