Economics
Turkey’s Economy Chief Weakened After Government Reshuffle
- Simsek no longer controls capital markets, banking regulators
- Investors had welcomed Simsek’s survival as deputy premier
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Turkey’s Deputy Prime Minister Mehmet Simsek lost some of the economic portfolio’s main oversight roles in the first sign of his diminished powers under a new premier loyal to President Recep Tayyip Erdogan.
Responsibility for capital markets and banking regulators, as well as the Savings Deposit Insurance Fund, was taken away from the former Merrill Lynch strategist at the first meeting of the new cabinet and given to Nurettin Canikli, another deputy prime minister. Supervision of Turkey’s Eximbank was transferred to Economy Minister Nihat Zeybekci.