Turkey’s Simsek Promises ‘Credible Program’ for Economy

Turkey’s newly-appointed Finance Minister Mehmet Simsek said Wednesday he’d build a new team to manage the $900 billion economy and design a “credible program,” reinforcing expectations he’s preparing to unwind a low-interest rate policy that’s driven away investors and fueled a cost-of-living crisis.  

“While there are no short cuts or quick fixes, rest assured that our experience, knowledge & dedication will help us overcome potential impediments,” Simsek wrote on Twitter shortly after he was sworn in. “Our immediate priority is to strengthen our team and design a credible program.”