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The ministers are above all the faithful of the president. The powerful new Ministry of Finance and Treasury takes over Erdogan's son-in-law, Berat Albayrak
Recep Tayyip Erdogan's trust in the markets He named Monday night not won. Shortly after Erdogan's announcement, the reading, which had risen slightly during the day, plunged to a new record. It lost nearly four percent of its value against the dollar, and the lira fell to about $ 4.75 in an hour
Seven of the 16 members of the new Erdogan cabinet on Monday night in Istanbul, including the new Defense Secretary Hulusi Akar (left) and Erdogan's son-in-law and former minister of justice. Energy Berat Albayrak (m.) The Minister of Finance and the Chief of the Treasury is. (Photo: Stringer / Getty Images)
Former Deputy Prime Minister Mehmet Simsek announced last month that Turkey would undertake several indispensable reforms after the elections. Investors hope that Simsek or former finance minister Naci Agbal, who are both in favor of an orthodox fiscal policy, will play an important role in the new presidential system. But it does not look like that right now. Erdogan appointed his son-in-law and former Energy Minister, Berat Albayrak, Finance Minister and Chief Treasurer. Erdogan announced in May that in his new role as sole head of state and government, which he took on Monday, Erdogan had announced that he would be responsible for economic and financial matters.
Erdogan's longtime confidant wants to bring more control over financial and monetary policy. He once again expressed his dislike for interest rate hikes and announced that they would further restrict the autonomy of the central bank than before. Albayrak, who has been married to Erdogan's eldest daughter since 2004, seems to be the right man. Even before being a Minister of Energy, he served Erdogan as a close confidant. While the lira fell during the election campaign, Albayrak said it was the result of a foreign operation aimed at overthrowing the government.
Simsek, Agbal, or others who enjoy the trust of investors should not yet Receiving another central position, the unorthodox course that Erdogan preaches may take over. In the presidential republic, ministers are only one of the pillars of the executive. They are subordinate to nine boards responsible for the strategic direction of the departments. By filling these tables, Erdogan could calm the minds of the financial world.
Army Chief Becomes Minister of Defense
Former Foreign Minister Mevlüt Cavusoglu remains in power, along with Justice Minister Abdülhamit Gül and Minister of Defense the Interior, Süleyman Soylu. Soylu is an agitator who quickly sees in the criticism of terrorists or traitors, in whose ranks he is also the Republican People's Party, the largest opposition party in the country. A number of positions in the 16-member Cabinet have gone to representatives who have held positions in the bureaucracy for years or who are closely related to the former Erdogan governments as business leaders. Among them, the women of the cabinet, the Minister of Labor and Social Affairs Zehra Zümrüt Selcuk and the Minister of Trade Ruhsar Pekcan. Fahrettin Koca, former personal physician of the Erdogan family and director of Istanbul Medipol's private university, is the new Minister of Health. Erdogan has appointed former vice president of former chief of emergency, Fuat Oktay, recently under-secretary of state as prime minister.
The appointment of the Chief of Staff of the Army, Hulusi Akar, was a surprise. In a sense, the army returns in civilian clothes to the policy from which Erdogan expelled them. To date, the role played by Akar during the Putnacht two years ago is not clear. Since then, he has never rebelled against the president's course.
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