Süreyya Serdengeçti

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Süreyya Serdengeçti (born 1952) is a Turkish economist and former Governor of the Central Bank of Turkey. He is currently working as an instructor in Turkish and world economics at the TOBB University of Economics and Technology in Ankara, Turkey.

Early life[]

He was born 1952 in Istanbul, Turkey. After completing high school in Istanbul, he studied economics at the Middle East Technical University in Ankara and earned 1979 his BA degree. From 1984 to 1986, he attended The Graduate Program in Economic Development at (GPED) at Vanderbilt University in Nashville, Tennessee, U.S. and received a master’s degree in economics.

Career[]

Serdengeçti entered the Central Bank of Turkey in 1980 and worked first in the international debt relief section. After returning from the US, he served from 1992 as manager for the foreign exchange administration and from 1992 for open market operations. In 1994, he was appointed press spokesman and assistant general manager for foreign affairs being responsible for balance of payments and international institutions. Serdengeçti was appointed to the post of general manager for money markets covering the fields international reserve management, foreign exchange and interventions, interbank market, open-market operations and . Additionally his existing post, he was promoted to vice governorship for credits, informatics and statistics in 1998.

Serdengeçti was appointed 20th Governor of the Central Bank by the coalition government on 14 March 2001, succeeding , who resigned. The Turkish government announced an economic program on 14 April 2001, prepared by Kemal Derviş, then Minister of State responsible for Economy, and the parliament passed a law on 25 April 2001 that gave autonomy to the Central Bank of Turkey. These steps enabled Serdengeçti to better react to crises with a high inflation in the Turkish economy. During his five-years of governorship, the US dollar exchange rate fell from 1.60 to 1.30 Turkish Lira, the annual inflation rate from 37.51% to 8.15% and the overnight interest rate from 120% to 13.5%. With the new fiscal policy, floating exchange rate was accepted and inflation targeting was commissioned. On 1 January 2005 the Turkish currency Lira was converted into New Turkish Lira by deleting 6 zeros.

Serdengeçti’s official period ended on 13 March 2006.

References[]

• Central Bank of Turkey - Biography of Süreyya Serdengeçti