Turkey's Central Bank Hires U.S.-Experienced Economist to Revamp Policy Strategy

The Turkish central bank has appointed Murat Tasci as its new chief economist, marking a significant shift in its economic advisory team. Tasci, a former economist at JPMorgan Chase & Co and the Federal Reserve Bank of Cleveland, brings over 17 years of experience in macroeconomic forecasting and U.S. financial markets. According to reports, the position has been vacant since Hakan Kara's departure in 2019.

Tasci's appointment comes amid a broader restructuring at the central bank, which had previously named him as an adviser in November. His role is expected to strengthen the institution's analytical capacity and provide a fresh perspective on Turkey's economic policy challenges. The central bank has not publicly commented on the decision.

This move follows a period of scrutiny over Turkey's economic management, with the country grappling with high inflation and currency volatility. Tasci's background in U.S. monetary policy and international finance may bring a more global outlook to Turkey's central bank strategy. Analysts will be watching how his influence shapes monetary decisions in 2026.

Background on Tasci's Career

Murat Tasci spent nearly 17 years at the Federal Reserve Bank of Cleveland, where he worked on U.S. monetary policy and economic forecasting. He later joined JPMorgan in New York as a senior U.S. economist and executive director before leaving for the Turkish central bank according to Bloomberg reporting. His experience in both academic and private-sector economics is seen as a strong fit for the central bank's current strategic goals.

Tasci's transition to Turkey marks a rare move for an economist of his caliber into a central bank role in emerging markets. His expertise in U.S. markets, combined with his recent advisory role at the Turkish central bank, positions him as a bridge between global financial systems and local economic challenges. This experience may help the central bank improve its communication with international markets.

Implications for Turkey's Monetary Policy

Tasci's appointment is likely to reinforce the central bank's efforts to restore credibility in its monetary policy. Turkey has experienced prolonged inflationary pressures and a weak lira, driven by domestic policy choices and global economic conditions. His role could help shape a more data-driven approach to monetary decisions.

The central bank has been under pressure to stabilize inflation and manage currency depreciation. Tasci's background in forecasting and U.S. monetary policy may help the institution develop more robust models for predicting and responding to economic shocks. This could be particularly important as the global economy faces continued uncertainty.

What Analysts Are Watching

Market observers will be closely watching how Tasci's leadership affects the central bank's policy decisions in the coming months. His approach to forecasting and policy analysis may influence the timing and magnitude of interest rate adjustments. Investors will be looking for signals of policy consistency and transparency.

The central bank's ability to communicate a clear economic strategy will be crucial for rebuilding confidence in the lira and Turkey's financial markets. Tasci's experience in U.S. monetary policy could help improve the central bank's communication with foreign investors and international institutions.