Türkiye to “Return to Rational Ground”, New Finance Minister

On Sunday, the recent appointed Turkey's Treasury and Finance Minister, Mehmet Simsek, stated that Türkiye has no choice but to return to "rational ground" in its economic policies.

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Alongside his predecessor, Nureddin Nebati, in the ceremonial transfer of responsibilities, Simsek expressed the government's main objective of increasing social welfare.

"Transparency, consistency, predictability and compliance with international norms will be our basic principles in achieving this goal," Simsek said.

He also stated that it is vital in the medium term “to reduce inflation” to single digits, increase predictability, and “accelerate the structural transformation” that will reduce the current account deficit.

"Our main policy will support the central bank in the fight against inflation through the fiscal policy and structural reforms to be implemented," Simsek said.

The Turkish minister also highlighted the significance of prioritizing macro-financial stability in tackling the growing global challenges and geopolitical tensions.

According to Simsek, his primary objectives are to establish fiscal discipline and ensure price stability to achieve sustainable high economic growth.

Moreover, he mentioned that the Ministry would commence medium-term financial studies imminently.

Official records show that Simsek served as Finance Minister and Deputy Prime Minister from 2009 to 2018.