Turkey’s finance minister has called for patience as his new cadre of technocrats try to reverse years of economic mismanagement and restore investor confidence in the country’s battered economy.
In his first interview with international media since his appointment in June, Mehmet Şimşek said he was seeking to “rebalance the economy and soften domestic demand”, after years of unconventional economic policies pursued at the behest of Turkey’s president Recep Tayyip Erdoğan.
Şimşek said the president had thrown his “support and commitment” behind a policy U-turn that had seen interest rates rise more than 20 percentage points since the May general elections.
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