Şahap Kavcıoğlu
Governor of the Central Bank of Turkey
In office
20 March 2021 – 9 June 2023
Preceded byNaci Ağbal
Succeeded byHafize Gaye Erkan
Member of the Grand National Assembly of Turkey
In office
November 2015 – June 2018
ConstituencyBayburt
Personal details
Born (1967-05-23) 23 May 1967
Bayburt, Turkey
Political partyJustice and Development Party
Children3
Alma materDokuz Eylül University

Şahap Kavcıoğlu (born 23 May 1967) is a Turkish banker and politician. He was a Member of the Grand National Assembly of Turkey for the Justice and Development Party (AKP) and was the Governor of the Central Bank of the Republic of Turkey from 2021 to 2023.[1] He is also a contributor to the newspaper Yeni Safak and is described as a supporter of the economic policies of Recep Tayyip Erdoğan.[1]

Education

He graduated in economics at the Dokuz Eylül University and followed up on his studies at the Istanbul University obtaining a degree as an Audit Specialist.[2] He studied Business Administration at Hasting's College (now East Sussex College) in England. In 2003, he earned a Ph.D from the Banking and Insurance Institute of the Marmara University.[3]

Professional career

Beginning in 1991, he served during nine years[4] in several positions as well as an Assistant General Manager at Esbank.[2] According to his LinkedIn page, from 2003 onwards Kavcıoğlu served as a regional coordinator for two years[5] and a deputy general manager for Halkbank for ten years.[4] On 20 March 2021, Kavcıoğlu replaced Naci Ağbal as the Chief of the Turkish Central Bank the day after a raise of the interest rate to 19%.[6] Since, Kavcıoğlu supported Erdoğans desires for lower interest rates and cut them from 19%[7] to 15%. The lower interest of 15%, was met with a fall of the Turkish Lira (₺)[8][9] to a temporary all-time low of 13.49 ₺ per Dollar.[10] By March 2023, the interest rate was cut to 8.5%.[11] Since the re-election Erdoğan in May 2023 and the appointment of Mehmet Simsek as the new Minister of Finance, the media considered he would be replaced by Hafize Gaye Erkan, a former banker at Goldman Sachs.[12] On 8 June 2023, he was formally replaced by Erkan by a presidential decree by Erdoğan[13] and now serves as the director of the Banking Regulation and Supervision Agency (BDDK).[14]

Political career

Representing the Justice and Development Party (AKP) for Bayburt, he was elected to the Turkish Parliament in the General Elections of November 2015.[15]

Plagiarism allegations

He was accused of having performed plagiarism in the thesis he presented to the Marmara University, as passages in his thesis and the annual report of the Turkish Central Bank are exactly the same.[3][16][17]

Publications

He is the author of several papers[18][19][20] and two books.[21]

Personal life

Kavcıoğlu is married and has three children[2] and is a Congress Member of Galatasaray Sports Club and also the Dokuz Eylül University Alumni Association.[21]

References

  1. 1 2 "Erdoğan surprisingly ousts Central Bank governor after unexpected rate hike". Gazete Duvar. 2021-03-20. Retrieved 2021-03-20.
  2. 1 2 3 "Şahap Kavcıoğlu Kimdir ? - Şahap Kavcıoğlu Hayatı ve Biyografisi". www.haberler.com. Retrieved 2021-03-20.
  3. 1 2 Gültekin, Berkant (22 March 2021). "Yeni MB Başkanı'nın doktora tezinde MB raporundan intihal yaptığı ortaya çıktı". Birgun (in Turkish). Retrieved 2021-03-24.
  4. 1 2 "Türkiye Merkez Bankası'nın yeni başkanı Şahap Kavcıoğlu kimdir?". Euronews (in Turkish). 2021-03-20. Retrieved 2021-03-20.
  5. ↑ "Prof. Dr. Şahap Kavcıoğlu". LinkedIn.
  6. ↑ "Nur wenige Monate im Amt: Türkischer Zentralbank-Chef entlassen". Frankfurter Allgemeine (in German). 20 March 2021. ISSN 0174-4909. Retrieved 2021-10-24.
  7. ↑ Kidera, Momoko (21 October 2021). "Turkey cuts interest rates again despite calls for course change". Nikkei Asia. Retrieved 2021-10-22.
  8. ↑ "Radikaler Zinsschritt der türkischen Notenbank". Tagesschau (in German). Retrieved 2021-10-24.
  9. ↑ "Turkish lira drops to new all-time low after rates slashed". CNBC. 2021-10-22. Retrieved 2021-10-24.
  10. ↑ Demircan, Ozan (25 November 2021). "Devisen: 60 Prozent Verlust seit Jahresbeginn: Die Hintergründe zum Verfall der türkischen Lira". handelsblatt (in German). Retrieved 2021-11-26.
  11. ↑ "Turkish central bank governor: policy framework has power to lower inflation". Reuters. 2023-03-29. Retrieved 2023-06-08.
  12. ↑ Tavsan, Sinan. "Turkey's new cabinet hints at less unorthodox Erdoganomics". Nikkei Asia. Retrieved 2023-06-08.
  13. ↑ Akman, Beril (2023-06-08). "Erdogan Picks Hafize Gaye Erkan as Turkey Central Bank Governor". Bloomberg News. Retrieved 2023-06-08.
  14. ↑ "Türkei: Erdoğan ernennt Finanzmanagerin Hafize Gaye Erkan zur Zentralbankchefin". Der Spiegel (in German). 2023-06-09. ISSN 2195-1349. Retrieved 2023-06-09.
  15. ↑ "1 Kasım Bayburt Seçim Sonuçları Son Durum". www.sozcu.com.tr. Retrieved 2021-03-20.
  16. ↑ "Yeni Merkez Bankası Başkanı Şahap Kavcıoğlu'nun doktora tezinde intihal iddiası". T24 (in Turkish). Retrieved 2021-03-24.
  17. ↑ "Yeni Merkez Bankası Başkanı'nın tezinde intihal". www.cumhuriyet.com.tr (in Turkish). Retrieved 2021-03-24.
  18. ↑ Kavcioğlu, Şahap (2019-09-01). "Dünyada ve Ülkemizde "Factoring" Uygulamaları-Tedarik Zinciri Finansmanında "Factoring"in Rolü". Sosyal Bilimler Araştırma Dergisi (in Turkish). 8 (3): 67–90.
  19. ↑ Kavcioğlu, Şahap (2019-07-31). "YENİLENEBİLİR ENERJİ VE TÜRKİYE". Finansal Araştırmalar ve Çalışmalar Dergisi (in Turkish). 11 (21): 209–227. doi:10.14784/marufacd.623399. ISSN 1309-1123.
  20. ↑ Kavcioğlu, Şahap (2018-01-01). "Ulusal Varlık Fonları ve Türkiye". Finansal Araştırmalar ve Çalışmalar Dergisi (in Turkish). 10 (18): 87–109. doi:10.14784/marufacd.460664. ISSN 1309-1123.
  21. 1 2 "TÜRKİYE BÜYÜK MİLLET MECLİSİ". www.tbmm.gov.tr. Retrieved 2021-03-20.
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