The head of the Turkish Central Bank returns to live with her parents

Hafiz Gay Erkan, the governor of the Turkish Central Bank, cannot find an apartment in Istanbul. High rental prices are the reason.

sHafiz Gay Erkan has been running the Turkish Central Bank for six months. The governor rarely gives interviews. Speeches, such as those given at the German Chamber of Commerce Abroad, are usually delivered behind closed doors. That’s why public statements about interest rates and skyrocketing inflation exceeding 60%, such as those made over the weekend in the government’s Hurriyet newspaper, are closely followed. But Erkan’s call for investors to secure high interest rates on lira bonds did not make international headlines. Rather, they meant: The central bank employee would move to live with her parents due to high rents.

“We couldn’t find an apartment in Istanbul, it’s too expensive. We settled in my parents’ house and are staying there,” Erkan complained. In fact, rental and real estate prices in Türkiye have been rising sharply for years. The New York-educated banking expert asked: “Is Istanbul more expensive than Manhattan?”