Turkey central bank chief resigns after aggressive rate hikes

Turkey's central bank governor Hafize Gaye Erkan resigned on Friday, citing in part a need to protect her family amid a "reputation assassination", raising questions around the aggressive monetary tightening policy she championed.

Finance Minister Mehmet Simsek said in a separate statement that the economic programme will carry on uninterrupted and that Erkan's resignation was her personal decision. Erkan, the first woman to run the bank, was appointed by President Tayyip Erdogan in June to execute a 180-degree pivot away from years of unorthodox low-rates policies that sent inflation soaring and foreign investors fleeing.

Since June the central bank had hiked its key rate to 45% from 8.5% under Erkan's watch.