Erdogan Appoints Mehmet Simsek as Finance Minister

Turkish President Recep Tayyip Erdogan has appointed Mehmet Simsek as Minister of Treasury and Finance on Saturday, as he announced the formation of the cabinet during his new five-year presidency. Simsek has been highly regarded by investors for his roles as Minister of Finance and Deputy Prime Minister from 2009 to 2018. Last week, Reuters reported that Erdogan would almost certainly include Simsek in his new government, either as Finance Minister or Vice President for Economic Affairs. Simsek's appointment may bring an end to the unconventional economic policies that have persisted for years under Erdogan’s rule, which have been marked by lowering interest rates despite rising inflation and state control over markets.