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Mehmet Simsek

All articles tagged with #mehmet simsek

politics-and-economy1 year ago

"Turkish Central Bank Governor's Turbulent Tenure: A Story of Resignation and Controversy"

Hafize Gaye Erkan, Turkey's first woman central bank governor, was appointed with high expectations but was dismissed less than nine months later amidst allegations of internal strife, long absences, and accusations of misconduct. Despite her strong educational and professional background, including a role at an American bank, her tenure was marred by controversies, including her father's alleged interference at the bank and her own comments in the media. Her dismissal, orchestrated by Finance Minister Mehmet Simsek, aimed to restore the central bank's credibility and signal his authority over the economy, despite initial hopes for Erkan's appointment to improve Turkey's financial credibility and investor trust.

via Middle East Eye|
#central-bank#hafize-gaye-erkan#mehmet-simsek
finance2 years ago

Turkish Lira Plummets in Record Time Amidst New Economic Policies

The Turkish lira has fallen to a new all-time low of 23.29 against the dollar, surpassing Goldman Sachs' forecast of 23 against the greenback in three months. Despite the appointment of former economy chief Mehmet Simsek, who is seen as likely to implement market-friendly policies, the currency continues to weaken. The country's recent annual inflation rate for May stood at 39.59%, and it will be "hard to find a floor" for the lira, according to Rachel Ziemba, founder of Ziemba Insights. Turkish state banks appear not to be intervening in the currency market, suggesting there's a managed devaluation playing out.

via CNBC|
#currency-market#finance#goldman-sachs
business2 years ago

Turkish Lira Hits Record Low Amidst New Economic Policies.

The Turkish lira fell by over 7% against the dollar to a record low, signaling a potential shift in the government's economic policy. President Erdogan has been trying to prop up the lira, but the appointment of new finance minister Mehmet Simsek suggests changes are in store. Turkey's economy has been struggling with huge debts, an inflation rate of just under 40%, and a declining currency. The falling lira makes everything the country imports more expensive and can push businesses and households that have borrowed in dollars into bankruptcy.

via The New York Times|
#business#economy#lira
finance2 years ago

"Simsek's Appointment Brings Hope for Turkey's Economic Stability"

Turkey's President Recep Tayyip Erdogan has appointed former economy chief Mehmet Simsek as the new treasury and finance minister, leading to optimism that the country will now forge a new economic path. Goldman Sachs' analysts believe the new appointment could bring about a greater chance of more orthodox policies. Turkey's monetary policy currently places an emphasis on the pursuit of growth and export competition rather than taming inflation. The Turkish lira has been on a significant depreciation lower in recent years, in part due to Erdogan's policies and his influence over the country's central bank.

via CNBC|
#economy#finance#mehmet-simsek
economics2 years ago

Simsek's Appointment Brings Hope for Turkey's Economy

Mehmet Simsek, a former Turkish finance chief known for his advocacy of conventional economic policies, has been appointed as Turkey's new treasury and finance minister. Simsek's appointment signals a return to more orthodox economic policies, which analysts largely blame on President Erdogan's unorthodox economic strategy of low interest rates and credit expansion. Simsek's main targets include establishing fiscal discipline and ensuring price stability for sustainable high growth, reducing inflation to single digits again in the medium term, and speeding up the structural transformation which will reduce the current account deficit. His appointment is important for Turkey to attract foreign investment, but investors will want to see the autonomy and authority of the new finance chief.

via Al Jazeera English|
#economics#economy#foreign-investment
economics2 years ago

"Turkey's New Finance Chief Signals Shift Towards Rational Economic Policies"

Turkey's newly appointed finance minister, Mehmet Şimşek, has announced that the country will have to return to "rational ground" in its handling of the economy in order to bring down rampant inflation. The country has seen its consumer prices skyrocket over the past two years, with inflation hitting an official 24-year high of 85.5 percent in October. Şimşek's appointment has been seen as a signal that Ankara could return to a more conventional economic policy.

via POLITICO Europe|
#economics#finance#inflation
politics-and-economy2 years ago

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.

via Reuters.com|
#erdogan#inflation#interest-rates
finance2 years ago

Turkish Lira Hits Record Low After Erdogan's Re-Election

The Turkish lira has hit a new all-time low following the re-election of President Recep Tayyip Erdogan. The currency was trading at 20.15 against the dollar, having lost over 7% of its value since the start of the year. Analysts have warned that Turkey's economic issues will intensify following Erdogan's return to office, and have called for the appointment of a market-friendly economic point person, such as former finance minister Mehmet Simsek. Turkey's monetary policy prioritises growth and export competition over taming inflation, with Erdogan endorsing the unconventional view that raising interest rates increases inflation.

via CNBC|
#economy#finance#interest-rates