Türkiye’s financial community is mourning the loss of four legendary figures of the Central Bank of the Republic of Türkiye (TCMB) in just four months, marking 2025 as a year of profound absence not only in numbers but in values. From May to August, the nation bid farewell to Rüşdü Saracoğlu, Hasan Ersel, Süreyya Serdengeçti, and Ercan Kumcu — all of whom had steered the economy through some of the country’s most turbulent times.
These four economic captains, each with unique expertise, left an indelible mark on Türkiye’s financial history, serving during periods of high inflation, severe currency instability, and global market volatility. They shared not only institutional bonds but also a commitment to safeguarding economic stability in the face of unprecedented challenges.
Rüşdü Saracoğlu – The Visionary Chairman
Born in Ankara in 1948 and the grandson of former Prime Minister Şükrü Saracoğlu, Rüşdü Saracoğlu was more than just a central banker; he was a statesman. A graduate of Middle East Technical University (METU) in Economics and Statistics, he went on to earn a PhD in Economics from the University of Minnesota in 1980.
His career included academic roles at Minnesota and Boston College, as well as work as an economist at the International Monetary Fund (IMF). From 1987 to 1993, he served as TCMB Governor, guiding Türkiye through complex monetary challenges. He later entered politics, serving as a Member of Parliament for the Motherland Party (ANAP) and as a Minister of State in the 53rd Government. Saracoğlu passed away on May 24, 2025, at the age of 77.
Hasan Ersel – The Scholar and Policy Architect
Doç. Dr. Hasan Ersel, born in Kütahya in 1946, was a revered academic and economist known for his tenure as TCMB Deputy Governor and as a leading professor at Ankara University’s Faculty of Political Science, widely known as “Mülkiye.”
After earning his PhD in Economics from the same faculty in 1971, Ersel served there until 1983 before becoming Chief Economist at the Capital Markets Board and later TCMB’s Director General of Research and Planning. His tenure as Deputy Governor from 1991 to 1993 coincided with critical policy shifts in Türkiye’s financial sector. Internationally, he was a board member of the Economic Research Forum for Arab Countries, Iran, and Türkiye, based in Cairo.
Süreyya Serdengeçti – The Crisis-Era Leader
Süreyya Serdengeçti, born in İstanbul in 1952, was at the helm during one of Türkiye’s most severe economic downturns — the 2001 financial crisis. A graduate of Galatasaray High School and METU’s Economics Department, Serdengeçti joined the Central Bank in 1980.
After earning a master’s degree in Economics from Vanderbilt University in the United States, he took on key responsibilities in managing Türkiye’s foreign exchange reserves. In March 2001, just weeks after the crisis erupted, he was appointed Governor of the Central Bank, serving until March 2006. His term was marked by efforts to stabilize the currency, rebuild reserves, and restore investor confidence. He passed away on July 26, 2025, at the age of 73.
Ercan Kumcu – The Economist Who Bridged Academia and Policy
The most recent loss came with the passing of Ercan Kumcu, born in İstanbul in 1955. A Boğaziçi University Economics graduate, Kumcu earned his PhD from Boston College in 1983 and taught economics at multiple U.S. universities before returning to Türkiye.
Initially joining TCMB as a visiting researcher, Kumcu quickly rose through the ranks to serve as General Secretary and then Deputy Governor from 1988 to 1993. Known for his accessible economic commentary, he co-authored several influential books with Mahfi Eğilmez, including Krizleri Nasıl Çıkardık? and Ekonomi Politikası: Teori ve Türkiye Uygulaması. His passing in August 2025 leaves a notable gap in both academic and public economic discourse.
A Legacy of Service and Stability
The passing of these four figures in such a short span has been described as an irreplaceable loss for Türkiye’s economic leadership. All served during eras when the country faced daunting economic realities — from hyperinflation to structural reforms and currency crises — yet remained steadfast in applying disciplined monetary policy and strategic economic planning.
Their careers bridged academia, public service, and, in some cases, politics, providing a unique blend of theory and practice that shaped the nation’s financial direction. They also mentored the next generation of economists, leaving behind a living legacy in institutions and individuals alike.
As Türkiye navigates today’s complex global economic landscape, the contributions of Saracoğlu, Ersel, Serdengeçti, and Kumcu serve as a reminder of the importance of visionary leadership, institutional integrity, and unwavering commitment to public service. Their absence will be felt not just in financial circles but across the broader spectrum of national life.
