Türkiye's chief banker joins financial forum in Russia's St. Petersburg

The Chairman of the Turkish Central Bank, Fatih Karahan, is set to participate in the Bank of Russia Financial Congress taking place today, July 2, in St. Petersburg, according to the updated forum program.

The event’s website lists a session featuring Karahan alongside Elvira Nabiullina, Chairwoman of the Central Bank of Russia, per Caliber.Az.

Karahan assumed leadership of the Turkish Central Bank in February 2024, succeeding Hafize Gaye Erkan. Erkan resigned after facing what she called a “massive campaign to destroy her reputation” in the media.

During her eight months in office, Erkan sharply increased the interest rate from 8.5% to 45%, deviating from the longstanding low-rate policy favoured by Turkish President Recep Erdoğan. Karahan has continued this policy stance, with the Central Bank of Türkiye maintaining the rate at 46% as of June.

Before becoming chairman, Karahan served as deputy governor of the Central Bank since 2023. His prior experience includes working as an economist at the Federal Reserve Bank of New York and as chief economist at Amazon.

The Bank of Russia’s Financial Congress, held from July 2 to 4 in St. Petersburg, gathers top leaders from the Central Bank of Russia, government officials, leading Russian financial institutions, and experts. The forum program features 21 panel sessions, according to the official website.

On the first day, July 2, the congress will host two plenary sessions. The first session will focus on the prerequisites for sustainable economic growth and the influence of macroeconomic policy. The second session will explore trends and future prospects for the Russian financial market.

During July 3 and 4, participants will tackle a broad range of subjects, including medium-term economic challenges for Russia, financial system risks, capital market development and drivers, banking regulation priorities, obstacles to widespread adoption of long-term financial instruments, and the ideal framework for state-business collaboration to develop a national digital infrastructure in the financial sector.

By Tamilla Hasanova