Erdogan Picks Market Darling Simsek to Return as Turkey's Finance Chief
Mehmet Simsek will be appointed as Turkey's new treasury and finance minister to shore up market confidence after Erdogan's re-election victory.
- President Erdogan will appoint Mehmet Simsek as his new treasury and finance minister to normalize Turkey's policies after years of unorthodox moves.
- Simsek, a former Merrill Lynch strategist respected by investors for his defense of orthodox economic views, is expected to bring back an advocate of conventional economics to shore up market confidence.
- Even if Simsek secures the independence he needs to fix the nation’s finances, doubts about Erdogan’s patience remain.
- Turkish equities jumped on the news, with the banking index rising almost 7% in Istanbul.
- The cost of insuring against a sovereign default dipped, while Turkey’s 10-year dollar bond yields fell to 9.3%, the lowest in three weeks.
Erdogan Picks Market Darling Simsek to Return as Turkey's Finance Chief
Turkish President Recep Tayyip Erdogan will appoint Mehmet Simsek as his new treasury and finance minister, according to people with direct knowledge of the matter, bringing back an advocate of conventional economics to shore up market confidence after his re-election victory.
Firat Kozok
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