ANKARA, February 3. /TASS/. Turkish President Recep Tayyip Erdogan has promoted Deputy Central Bank Governor Fatih Karahan to the top post at the regulator after the previous governor resigned abruptly, according to a presidential decree published in an official government newspaper.

The decree took effect upon publication.

Before taking a job at the Turkish central bank in July 2023, Karahan worked at the Federal Reserve Bank of New York and as a principal economist at Amazon.com.

Former Governor Hafize Gaye Erkan resigned on Friday, saying she was a target of a smear campaign that could hurt her family. Under Erkan, the central bank’s key rate was hiked from 8.5% to 45% in an effort to contain inflation.