reappointed United Kingdom-educated Mehmet Simsek, a respected former banker, finance minister and deputy prime minister, to the post of leading the finance and treasury ministry. Simsek returned to the cabinet after a five-year break from politics.
The appointments of Simsek and Erkan are seen by analysts as an indication that Erdogan may abandon policies that many economists have branded as “unorthodox”.
“Bringing inflation down sustainably will require a major policy tightening and the appointment of a more credible cabinet over the weekend provides hope that policymaking may shift in a more sustainable direction,” Liam Peach, senior emerging markets economist at Capital Economics, said after Simsek’s appointment.
