[4] On 20 March 2021, Kavcıoğlu replaced Naci Ağbal as the Chief of the Turkish Central Bank the day after a raise of the interest rate to 19%.

The lower interest of 15%, was met with a fall of the Turkish Lira (₺)[8][9] to a temporary all-time low of 13.49 ₺ per Dollar.

[11] Since the re-election Erdoğan in May 2023 and the appointment of Mehmet Simsek as the new Minister of Finance, the media considered he would be replaced by Hafize Gaye Erkan, a former banker at Goldman Sachs.

[12] On 8 June 2023, he was formally replaced by Erkan by a presidential decree by Erdoğan[13] and now serves as the director of the Banking Regulation and Supervision Agency (BDDK).

[21] Kavcıoğlu is married and has three children[2] and is a Congress Member of Galatasaray Sports Club and also the Dokuz Eylül University Alumni Association.