- President Recep Tayyip Erdogan, who has been in power for 20 years, has been sworn in for another five-year term after his recent election victory.
- He swears on his honor to protect the independence of the state, Erdogan said at the ceremony in Ankara’s parliament.
- The 69-year-old got 52.2 percent of the votes in last weekend’s runoff.
- On Saturday evening, Erdogan also announced the appointment of the new finance minister, Mehmet Simsek.
After the swearing-in in parliament, a ceremony is planned in the presidential palace with high-ranking representatives from 78 countries and international organizations – including NATO Secretary General Jens Stoltenberg, Venezuelan President Nicolas Maduro and Hungary’s Prime Minister Viktor Orban.
Is the turning point in economic policy now?
Erdogan announced his new ministerial team on Saturday evening. Eagerly awaited: Former finance minister Mehmet Simsek will join the cabinet.
Simsek was Minister of Finance from 2009 to 2015. He is highly respected on the financial markets and is considered to represent the generally applicable rules of economic and financial policy.
Legend:
Recep Tayip Erdogan presents the signed government order together with the speaker of the parliament, Devlet Bahceli (left). (06/03/2023)
REUTERS/Umit Bektas
The decision in favor of Simsek could mean a departure from the economic course that has so far been rather unusual in Turkey and does not correspond to the general standards. Despite extremely high inflation, the central bank lowered interest rates instead of raising them in the fight against inflation.
Behind it is Erdogan, who describes himself as an “interest enemy” and wants to boost the economy with cheap money. As a result, the national currency, the lira, depreciated drastically, which in turn exacerbated the inflation problem. Turkey has to import many goods and raw materials, which are becoming more expensive due to the weak lira. Experts have warned the economy is headed for turmoil if current policies continue as its foreign exchange reserves are depleted.
The coming months will show whether Turkey will change course in economic policy with the new finance minister, Mehmet Simsek.