Murat Cetinkaya, an internal candidate from an Islamic finance background, will become the new governor of Turkey's central bank.
Serving as a deputy governor since June 2012, Cetinkaya has according to media been one of the less vocal members of the central bank’s seven-member Monetary Policy Committee, and some economists said in response to his appointment that little was known of him.
Cetinkaya, born in 1976, has been a deputy governor at the central bank since June 2012. He has a background in Islamic banking, which follows religious principles and prohibits charging interest, beginning his career at Albaraka Turk and working as deputy director at Islamic lender Kuveyt Turk in his last private sector position before joining the central bank.
"Compromise candidate, so good that the presidency and government are working together on this ... A battle over the nomination would have been very market negative," Timothy Ash, strategist at Nomura, wrote in a note.
Looks like one of the best qualifications for the top job at a central bank is to be a deputy governor for at least a few years. Also in Ghana earlier this month, a deputy governor was promoted to take the top position at the Bank of Ghana.