The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Turkey: Turkey’s central bank back on course

Turkey’s central bank governor, Durmus Yilmaz Yilmaz: continuity candidate

After weeks of confusion, Turkey’s central bank has a new governor. Analysts hope he will preserve the largely successful policies of the outgoing chairman. Durmus Yilmaz has been appointed to replace Sureyya Serdengecti, who retired on March 14 after five years in charge. The appointment follows weeks of uncertainty after staunchly secularist president Ahmet Necdet Sezer turned down the AKP government’s initial suggestion of Adnan Buyukdeniz, chief executive of Albaraka Turk, an Islamic bank.

Yilmaz’s name had not been the most widely predicted by the market during the ensuing weeks of instability – acting governor Erdem Basci, and treasury undersecretary Ibrahim Canakci had been seen as the front runners.

But analysts hope the new governor will provide continuity – Yilmaz was already a member of the monetary policy committee and, as such, is very much part of a monetary policy stance that is already in place.

“Although Yilmaz was not among those most frequently mentioned as the government’s likely choice, his appointment comes as a relief not only because of its orthodox nature but also simply as the end to the period of uncertainty,” says Dresdner Kleinwort Wasserstein analyst Sonal Desai.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree