Governor of Turkey’s central bank, Hafize Gaye Erkan has moved in to live with her parents due to the soaring price of properties in Instanbul.
The 44 year old who has previously worked at firms including Goldman Sachs and First Republic Bank said, “We haven’t found a home in Istanbul. It’s terribly expensive. We’ve moved in with my parents.”
“Is it possible that Istanbul has gotten more expensive than Manhattan?” she said.
The move is a reflection of the worsening economic crisis in Turkey where year on year inflation stood at 61 percent in November as officials also capped rent increases at 25 percent — though experts say that has only amplified the housing tensions, as owners try to push out occupants, sometimes fraudulently, in order to set new and higher rents.
The central bank last month pushed up benchmark lending rates to 40 percent in a bid to get inflation under control.
