would return to more orthodox economic policies when he named Mehmet Simsek to his Cabinet to tackle Turkey’s cost-of-living crisis and other strains.
Mr Erdogan’s inauguration ceremony at Ankara’s presidential palace was attended by Nato Secretary-General Jens Stoltenberg, Venezuelan President Nicolas Maduro and other dignitaries and high-level officials. Reuters reported earlier this week Mr Erdogan was almost certain to put him in charge of the economy, marking a partial return to more free-market policies after years of increasing state control of forex, credit and debt markets.Analysts said that after past episodes in which Mr Erdogan pivoted to orthodoxy only to quickly return to his rate-cutting ways, much would depend on how much independence Mr Simsek is granted.
Mr 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.The lira has lost more than 90 per cent of his value in the last decade after a series of crashes, the worst in late 2021. It hit new all-time lows beyond 20 to the dollar after the May 28 vote.More On This TopicTurkey’s longest-serving leader, Mr Erdogan won 52.
“We will embrace all 85 million people regardless of their political views... Let’s put aside the resentment of the election period. Let’s look for ways to reconcile,” he said.
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