Will Mehmet Simsek become new Minister of Treasury and Finance in Turkey?

According to some reports on international media, Mehmet SIMSEK is expected to become the Minister of Treasury and Finance, in Turkey. Simsek will be fully authorized and will assume all coordination related to the economy.

As the cabinet is expected to be announced by President Erdogan on Saturday, one of the posts drawing highest attention in the cabinet is Minister of Treasury and Finance.

International media have shared reports saying President Erdogan will appoint Mehmet Simsek, who advocates orthodox policies in the economy to support market confidence, as the new treasury and finance minister. It was stated that Şimşek would be responsible for all economic policies of Turkey in the new cabinet, expected to be announced on Saturday.

However, both the Presidential Office and Simsek’s spokesman have declined to comment on the issue.

ERDOGAN HAD PROMISED ‘REPUTATION’

Although Erdogan promised to build an “internationally reputable financial team” that would provide stability and confidence in his balcony speech after the election results, investors have been uncomfortable since Erdogan was re-elected president in the presidential runoff election on May 28 and the lira fell to new record lows.

Simsek, a former Merrill Lynch strategist respected by investors for advocating orthodox economic views, had worked as Erdogan’s finance and deputy prime minister in the past.

During his last cabinet post, Şimşek frequently traveled to London with the then Central Bank Governor Murat Çetinkaya to try to allay investors’ concerns about Erdogan’s ambition to gain more control over economic policy. This situation, on the other hand, caused the lira to fall rapidly.

If the news turn out to be true, Simsek will have replace Nureddin Nebati, who has been finance minister since late 2021.