Former Turkish deputy PM accepts offer to manage country’s economy

Former Deputy Prime Minister and former Finance Minister Mehmet Simsek has accepted the proposal of the re-elected President Recep Tayyip Erdogan on managing the economy in a new period, Report informs referring to Hürriyet newspaper.

“One of the most important positions in this cabinet was the management of the economy. Local and foreign investors asked if Mehmet Simsek would take over the management of the economy. Yesterday, Mehmet Simsek met with President Erdogan twice and finally decided to take over,” reads the statement.

Simsek received guarantees from the Turkish leader regarding the management of the Central Bank and interest rates.

Turkish media portray Simsek as one of the most professional economists in the country, periodically reporting that he may take a seat in the new Cabinet or become vice president in charge of the economic sector.

The Turkish leader has previously said that ‘as long as he is in power,’ the interest rate cut policy will continue. The Turkish currency after Erdogan’s re-election is losing value against the dollar and, according to the latest data from the country’s Central Bank, is trading at 20.75.