World - Europe
Updated: June 04, 2023

Turkey's New Economy Chief Advocates Stability, Inflation Reduction

By Quadri Adejumo
June 04, 2023
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President Recep Tayyip Erdoğan shakes hands with the new treasury and finance minister, Mehmet Şimşek, during a news conference where the new Cabinet was announced, in Ankara, Türkiye (Reuter

Turkey's newly appointed economy chief, Mehmet Şimşek on Sunday emphasized the vital importance of macro-financial stability and the need to bring inflation down to single digits.

As the newly appointed Treasury and Finance Minister, Şimşek aims to increase predictability and accelerate structural transformation in the country's economy.

With his previous experience as the Finance Minister and Deputy Prime Minister in charge of the economy, Şimşek has earned the trust of investors.

His appointment signals a potential shift away from low-interest rate policies despite high inflation.

Şimşek emphasizes the necessity of returning to rational economic grounds and outlines his priorities, which include increasing social welfare and addressing global challenges and geopolitical tensions.