Turkey’s Finance Minister Pledges Return to ‘Rational Ground’ for Economic Policies
Turkey’s newly appointed Treasury and Finance Minister Mehmet Şimşek declared on Sunday the country’s need to reestablish “rational ground” in its economic strategy. During the handover ceremony from his predecessor, Nureddin Nebati, Şimşek emphasized the government’s primary aim of enhancing social welfare. “Transparency, consistency, predictability, and compliance with international norms are our essential principles,” stated Şimşek, noting the urgency of reducing inflation to single digits, increasing predictability, and advancing structural transformation to shrink the current account deficit.
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Şimşek underscored the importance of macro-financial stability in combating escalating global challenges and geopolitical tensions. He vowed to establish fiscal discipline and price stability for sustainable high growth, outlining plans for medium-term financial studies to begin immediately.
Şimşek, a former finance minister, deputy prime minister, and Merrill Lynch economist, is highly esteemed by financial markets. His return signals a potential shift towards more conventional economic strategies. Turkey has been grappling with high inflation and a depreciating lira, which have severely impacted citizens’ purchasing power and heightened living costs. President Recep Tayyip Erdoğan has previously defended unconventional low-interest-rate policies, aiming to stimulate growth and employment.
