Foreigners have swerved Turkish bonds and equities in recent years
The top policymaker picks of Turkey’s re-elected president Tayyip Erdogan are taking center stage as markets try to gauge whether he will change course towards economic orthodoxy or double down on policies widely viewed as unsustainable.
Erdogan’s increasing interventions to stabilize the lira, and his insistence on ultra-low interest rates, have piled pressure on Turkey’s fiscal budget and financial sector. With reserves dwindling, few doubt that changes are unavoidable. But just how deep and meaningful these will be remains uncertain.
“The final decision related to finmin position is likely to provide some strong signals about economic policies in the new term,” said Ercan Erguzel at Barclays, noting there had been efforts to bring back former finance minister Mehmet Simsek, who was well respected by markets. Erdogan has given little indication on the shape of economic policy in the weeks and months to come, though he acknowledged some issues facing the nation of more than 80 million people.
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