The persons who will make up the new government in Turkey have been announced by President Recep Tayyip Erdogan.

The crucial in any case is the Ministry of Finance, Mehmet Simsek takes over, confirming the report of the previous hours.

The fact that the Turkish President was seriously considering the possibility of making Mehmet Simsek “economic czar” again was reported last week by Reuters.

As a matter of fact, it pointed to a potential return of the country to greater economic orthodoxy, possibly including interest rate hikes.

Simsek was respected by investors when he served as finance minister and deputy prime minister from 2009 to 2018. A major role for him now could signal a departure from years of insisting on low interest rates despite high inflation and heavy state control of the markets.

Analysts have warned that if current policies continue, the economy is headed for turmoil as foreign exchange reserves are depleted and inflation is expected to rise.

The Ministry of Foreign Affairs is taken over by the former head of the National Intelligence Agency (MIT), Hakan Fidan.

The Ministry of Defense the Chief of the General Staff, General Yasar Guler.

The other members of the Council of Ministers, according to information are the following:

Ministry of Justice: Bulent Turan

Ministry of Commerce: Lütfi Elvan
Ministry of Agriculture: İbrahim Yumaklı
Ministry of Industry: M. Fatih Kacır

Ministry of Energy: Alparslan Bayraktar
Ministry of Environment and Urban Planning: Uğur İbrahim Altay

Ministry of Health: Fahrettin Koca

Ministry of Culture and Tourism: Mehmet Nuri Ersoy
Ministry of Youth and Sports: Abdullah Eren
Ministry of Family and Social Policies: Kübra Güran Yiğitbaşı
Ministry of Labor and Social Security: Cevdet Yılmaz

Government Representative: Çağatay Kılıç

Governor of the Central Bank: Hafize Gaye