New Econ Minister Talks Up Consistency & Predictability In Policy Making

Newly-installed Turkish Finance Minister Mehmet Şimşek tweets: "[...]. Our guiding principles for creating a more prosperous and resilient Türkiye will be transparency, consistency, accountability and predictability. As we navigate through domestic and international challenges, we affirm our commitment to rules based policy making to enhance predictability. While there are no short cuts or quick fixes, rest assured that our experience, knowledge & dedication will help us overcome potential impediments ahead. Our immediate priority is to strengthen our team and design a credible program."

• The comments chime with ones made by Şimşek earlier this week, in which he said that "Turkey has no choice but to return to rational ground...Price stability will be our main target...Reducing inflation to single digits in the medium term is of vital importance for our country."
  
• Since his re-election, President Recep Tayyip Erdogan has sought to highlight what would amount to an about-face in his economic policy if implemented, with Şimşek's talk of returning to an orthodox monetary policy stance of raising interest rates to counter inflation.