Hafize Erkan, Turkey’s central bank governor, says she has been forced to move in with her parents due to the country’s inflation.

Speaking to Turkey’s Hürriyet, Erkan said her decision was hinged on the increase in rents due to the lack of social housing — of which the country’s rising inflation is a contributory factor. 

Erkan, who took up her post in June after two decades in the United States, said when there is a lack of supply and cheap financing, “balances can sometimes be disrupted”. 

“Here, the most important problem for us is the supply of social housing. There is an increase in rents due to the lack of social housing,” she said. 

She said “our President and Vice President also focus on this issue” of increase in rents.

“Home and food are very important. It has been a long time since our state solved the health issue. Is it possible that Istanbul has gotten more expensive than Manhattan? We haven’t found a house in Istanbul. It’s terribly expensive. We settled with my parents and are staying with them,” Erkan said. 

In November 2023, Turkey’s inflation rose 62 percent year-on-year.

This followed a 61.36 percent annual increase in October — a trend triggered by the depreciation of the Turkish currency, lira.

The Cable