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Who is Mehmet Simsek, the Ministerial Candidate for Erdogan's Government?

Who is Mehmet Simsek, the Ministerial Candidate for Erdogan's Government?

Four senior officials indicated that Turkish President Recep Tayyip Erdogan may include former Finance Minister Mehmet Simsek in his new government either as Minister of Finance or as Vice President responsible for economic matters, describing the likelihood of his inclusion as nearly certain. Simsek was highly regarded by financial markets during his tenure as Finance Minister and Deputy Prime Minister from 2009 to 2018. Assigning him a key role now could serve as an indicator of a reversal of the unconventional policies followed in recent years that are based on lowering interest rates despite rising inflation and state control over markets.

One official stated that the new policy would be "mixed" and not traditional, with a gradual change expected. Erdogan's office and Simsek were not immediately available for comment. The officials stated that Erdogan would announce the new ministerial positions by Saturday after presiding over the final meeting of his old government on Wednesday. They added that the new government is almost certain to include his spokesperson Ibrahim Kalin and intelligence chief Hakan Fidan.

The four officials who spoke to Reuters mentioned that no final decisions have been made and Erdogan may change his mind. They noted that Erdogan is considering appointing Simsek as Vice President, but Simsek prefers a role directly responsible for economic policy, potentially taking over as Minister of Treasury and Finance, currently held by Nureddin Nebati.

Analysts have been cautious regarding the possibility of Simsek's appointment and whether it would result in a shift in policy. Guillaume Tresca, a senior strategist for emerging markets at General Investments, said, "Over the past few years, many changes have occurred, with several central bank governors coming in, and we hoped something would change, but there has been no change. Erdogan sticks to an unconventional strategy, and I see little justification for a change in his strategy."

One official mentioned that former Minister Jodet Yilmaz might take over as Minister of Treasury and Finance if Simsek becomes Vice President. It is also expected that former Treasury Minister Lutfi Elvan will take on a ministry related to the economy.

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