Erdogan's Economic Pivot: Mehmet Simsek Appointed Finance Minister.

Turkish President Erdogan has appointed Mehmet Simsek as treasury and finance minister, signalling a return to more orthodox economic policies to tackle Turkey's cost-of-living crisis and other strains. Simsek's appointment could set the stage for interest rate hikes in coming months, a marked turnaround from Erdogan's longstanding policy of slashing rates despite soaring inflation. Erdogan's economic programme since 2021 stresses monetary stimulus and targeted credit to boost economic growth, exports and investments, pressing the central bank into action and badly eroding its independence.