Finance Minister Şimşek says increase in society’s welfare will be targeted

Turkish Finance Minister Mehmet Şimşek has said that they will adopt an economic model that will increase the society’s welfare in terms of “investment, exports, production and employment.”

Duvar English

Treasury and Finance Minister Mehmet Şimşek on June 16 held a meeting with executives of banks that are members of the Banks Association of Turkey (TBB). The meeting was closed to the press and lasted three hours.

After the meeting, Şimşek told journalists that the Turkish economy and banking sector were on the agenda of the meeting.

“In this period, within the framework of the new program, we will talk with society’s all fractions as well as the business world, financial world, unions, all fractions. Hopefully, we will continue our path with a model to increase society’s welfare, in a powerful way in terms of our country’s investment, exports, production and employment,” Şimşek said, without giving any further details.

As the Turkish economy is on the break of collapse amid unstoppable inflation and devaluation of lira, all eyes are on Şimşek as to what kind of a strategy his ministry will follow.

Expectations that Ankara would return to orthodox policies strengthened after President Recep Tayyip Erdogan appointed Şimşek, who is highly regarded by markets, to the Treasury and Finance Ministry and Hafize Gaye Erkan, a former Wall Street banker, to the Central Bank.

Turkish authorities are now hoping foreign investors will return after a years-long exodus, but market watchers caution that Erdoğan turned to conventional policies in the past only to change his mind shortly after.