Turkey Economy

Bloomberg: Mehmet Şimşek will be Minister of Treasury and Finance

According to the news in the US financial agency Bloomberg, Mehmet Şimşek will be the Minister of Treasury and Finance.

While the cabinet was expected to be announced by President Erdoğan on Saturday, one of the most curious names in the cabinet was the Minister of Treasury and Finance.

The US financial agency Bloomberg, citing sources with direct knowledge on the subject, wrote that Erdogan will appoint Mehmet Şimşek, who defends the traditional economy, as the new treasury and finance minister to support market confidence.

While it was stated that Şimşek would be responsible for all economic policies of Turkey in the new cabinet, which is expected to be announced on Saturday, it was requested that his name not be disclosed due to the sensitivity of the issue.

Both the Presidential Office and Şimşek’s spokesperson declined to comment on the matter.

In his balcony speech after the election results, Erdogan promised to build an “internationally reputable financial team” that would ensure stability and confidence, but investors have been nervous since Erdogan was re-elected as president in the presidential run-off on May 28 and the lira fell to new record levels. .

A former Merrill Lynch strategist respected by investors for defending his orthodox economic views, Şimşek has previously served as Erdogan’s finance and deputy prime minister.

In his last cabinet role, Şimşek frequently traveled to London with then Central Bank Governor Murat Çetinkaya to try to allay investors’ concerns about Erdoğan’s ambition for greater control over his economic policy. This caused the lira to fall rapidly.

According to the news in Bloomberg, Şimşek will replace Nureddin Nebati, who has been the finance minister since the end of 2021.

Mehmet Şimşek rally in the stock market

Borsa Istanbul started the day with a sharp rise after Bloomberg wrote that Mehmet Şimşek will be appointed as the Minister of Treasury and Finance. The rise in banking shares at the opening exceeded 6 percent.

BIST 100 index in Borsa Istanbul started the day at 5,102.56 points with an increase of 2.88 percent.

At the opening, the BIST 100 index rose to 5,102.56 points, gaining 142.76 points and 2.88 percent compared to the previous close.

The banking index increased by 6.59 percent and the holding index increased by 3.23 percent. While all sector indices rose, banking was the highest earner.

The news on Bloomberg this morning, which stated that Mehmet Şimşek will be appointed as the Minister of Treasury and Finance with full authority, was effective in the rise in the stock market.

Moving in an upward trend yesterday, the BIST 100 index gained 1.49 percent and closed the day at 4,959.80 points.

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