Mehmet Simsek may help shape Turkey’s economy policies, President Recep Tayyip Erdogan said, without hinting at an official role for Turkey’s former economy czar.
(Bloomberg) — Mehmet Simsek may help shape Turkey’s economy policies, President Recep Tayyip Erdogan said, without hinting at an official role for Turkey’s former economy czar.
“We’re preparing to further strengthen our economy policies in the period ahead,” Erdogan said, speaking in a live interview with 24 TV late Wednesday. “A team under the coordination of Mehmet Simsek, who has participated in economy management for years, is making preparations to that end.”
Simsek was one of the last market-friendly figures in Erdogan’s government until he left office following the 2018 elections, and was subsequently replaced by Berat Albayrak, the president’s son-in-law. Since then, Turkey has followed unorthodox economic policies, and the central bank has pursued an ultra-loose monetary policy. Inflation has soared to a 24-year high during this period, while the central bank’s foreign exchange reserves have been depleted.
Simsek Will Stay Out of Active Politics, Erdogan’s Party Says
Erdogan met with Simsek in Ankara on March 20, stoking speculation that the former Merrill Lynch strategist may assume a role in the government. However, the former finance minister was adamant in staying out of active politics, according to a statement made by AK Party spokesman Omer Celik after that meeting.
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