Süreyya Serdengeçti
Encyclopedia
Süreyya Serdengeçti 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
.
, 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.
section. After returning from the USA, 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 treasury contracting. 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 March 14, 2001, succeeding Gazi Erçel, who resigned. Turkish government announced an economic program on April 14, 2001 prepared by Kemal Derviş
, then Minister of State responsible for Economy and, the parliament passed a law on April 25, 2001, that gave autonomy to the Central Bank of Turkey.
These important steps taken, a privilege compared with the past time, enabled Serdengeçti to better control the Turkish economy in crises with a high inflation. 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 January 1, 2005, the Turkish currency Lira
was converted into New Turkish Lira by deleting 6 zeros.
Serdengeçti’s official period ended on March 13, 2006. He was much appreciated and also criticized for his attitude of making no concessions for the policy of the Central Bank.
Turkish people
Turkish people, also known as the "Turks" , are an ethnic group primarily living in Turkey and in the former lands of the Ottoman Empire where Turkish minorities had been established in Bulgaria, Cyprus, Bosnia and Herzegovina, Georgia, Greece, Kosovo, Macedonia, and Romania...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and former Governor of the Central Bank of Turkey
Central Bank of the Republic of Turkey
The Central Bank of the Republic of Turkey is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey. The preparations to establish a central bank began in 1926, but organization was established on 3 October 1931 and opened...
. He is currently working as an instructor in Turkish
Turkish language
Turkish is a language spoken as a native language by over 83 million people worldwide, making it the most commonly spoken of the Turkic languages. Its speakers are located predominantly in Turkey and Northern Cyprus with smaller groups in Iraq, Greece, Bulgaria, the Republic of Macedonia, Kosovo,...
and world economics at the TOBB University of Economics and Technology
TOBB University of Economics and Technology
TOBB University of Economics and Technology is a private university in Turkey, which was founded by the Union of Chambers and Commodity Exchanges of Turkey on July 1, 2003 in Ankara.- Academic Units :Faculties and Departments:* Faculty of Engineering...
in Ankara
Ankara
Ankara is the capital of Turkey and the country's second largest city after Istanbul. The city has a mean elevation of , and as of 2010 the metropolitan area in the entire Ankara Province had a population of 4.4 million....
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
.
Early life
He was born 1952 in IstanbulIstanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
, Turkey. After completing high school in Istanbul, he studied economics at the Middle East Technical University
Middle East Technical University
Middle East Technical University is a public technical university located in Ankara, Turkey...
in Ankara
Ankara
Ankara is the capital of Turkey and the country's second largest city after Istanbul. The city has a mean elevation of , and as of 2010 the metropolitan area in the entire Ankara Province had a population of 4.4 million....
and earned 1979 his BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree. From 1984 to 1986, he attended The Graduate Program in Economic Development at (GPED) at Vanderbilt University
Vanderbilt University
Vanderbilt University is a private research university located in Nashville, Tennessee, United States. Founded in 1873, the university is named for shipping and rail magnate "Commodore" Cornelius Vanderbilt, who provided Vanderbilt its initial $1 million endowment despite having never been to the...
in Nashville, Tennessee
Nashville, Tennessee
Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
, U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
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 reliefDebt relief
Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves...
section. After returning from the USA, 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
Balance of payments
Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers...
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
Interbank
Interbank is a Peruvian provider of financial services.-History:In 1897, Elias Mujica opened an agency at Jiron de la Union in Lima's historical center under the name of Banco Internacional...
market, open-market operations and treasury contracting. 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 March 14, 2001, succeeding Gazi Erçel, who resigned. Turkish government announced an economic program on April 14, 2001 prepared by Kemal Derviş
Kemal Dervis
Kemal Derviş is a Turkish economist and politician, and former head of the United Nations Development Programme. He was honored by the government of Japan for having "contributed to mainstreaming Japan's development assistance policy through the United Nations." In 2005, he was ranked 67th in the...
, then Minister of State responsible for Economy and, the parliament passed a law on April 25, 2001, that gave autonomy to the Central Bank of Turkey.
These important steps taken, a privilege compared with the past time, enabled Serdengeçti to better control the Turkish economy in crises with a high inflation. During his five-years of governorship, the US dollar exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
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
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
, floating exchange rate
Floating exchange rate
A floating exchange rate or fluctuating exchange rate is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market. A currency that uses a floating exchange rate is known as a floating currency....
was accepted and inflation targeting
Inflation targeting
Inflation targeting is an economic policy in which a central bank estimates and makes public a projected, or "target", inflation rate and then attempts to steer actual inflation towards the target through the use of interest rate changes and other monetary tools.Because interest rates and the...
was commissioned. On January 1, 2005, the Turkish currency Lira
Turkish lira
The Turkish lira is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş...
was converted into New Turkish Lira by deleting 6 zeros.
Serdengeçti’s official period ended on March 13, 2006. He was much appreciated and also criticized for his attitude of making no concessions for the policy of the Central Bank.