Istanbul After being sworn in as President of Turkey, Recep Tayyip Erdogan reshuffled most of his cabinet. Erdogan appointed the economist Mehmet Simsek, who is respected in the financial markets, as finance minister on Saturday.
This is regarded as a representative of a conventional financial and economic policy. It is expected that he will give up the controversial low interest rate policy. Simsek was previously finance minister under Erdogan, but he was dismissed in 2018 after the transition to the presidential system.
Simsek announced on Sunday that his country would return to “rational principles” in economic and financial policy. Turkey has no other choice, he said. “A rule-based, predictable Turkish economy will be the key to achieving the desired prosperity.” The main goals are the introduction of budgetary discipline and the guarantee of price stability for sustainable, high growth. “Transparency, consistency, predictability and compliance with international standards will be our founding principles.”
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