Turkey’s economy management undergoes major change

After the presidential elections in Turkey, the new system has gone into effect and  with the latest statutory decree (KHK) published before the new system, the number of ministries related to the economy has been reduced to three. Mr. Mustafa VARANK, Berat ALBAYRAK and Ruhsar PEKCAN were appointed as ministers to govern the economy.

Mr. Berat ALBAYRAK, the , former Energy and Natural Resources Minister became the first Treasury and Finance Minister of the Presidential Government System announced by President Erdoğan.

While Mustafa VARANK, former head advisor to the president became the Minister of Industry and Technology, Ms. Ruhsar PEKCAN, Vice President of Turkey Union of Chambers and Commodity Exchanges (TOBB) Women Entrepreneurs Council was appointed as the Minister of Trade.

While Berat ALBAYRAK entered the cabinet as the minister responsible for economy, Mehmet SIMSEK, who was in charge of the economy for a long time as Deputy Prime Minister was left out of the cabinet.

Former Finance Minister Naci Ağbal, who is not a member of parliament any more, did not find a place in the cabinet either. Former Minister of Economy Nihat Zeybekci and former Minister of Industry and Trade Faruk Ozlu, who were not nominated in the 24 June elections, were among the names not included in the cabinet.