Turkish President Recep Tayyip Erdogan announces the formation of a new cabinet

Presidency in Trouble Turkey's President Recep Tayyip Erdogan unveils new cabinet as he appoints ex-finance minister and ex-banker Mehmet Simsek as finance and economy minister .

Erdogan, who was sworn in for a third term on Saturday as president, replaced almost all cabinet members except the health and culture ministers.

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Simsek was highly regarded by investors during his tenure as finance minister from 2009 to 2015 and deputy prime minister in charge of economic management until 2018, before stepping down ahead of several lira races last year.

His appointment would mark a departure from Erdogan's years of unpopular economic policies, which included keeping interest rates low amid rising inflation and tightening market forces.

A former Merrill Lynch economist, Simsek is known for his criticism of Erdogan's policies.

Turkey is battling inflationary pressures, which rose to 85% in October before falling back to 44% in May. The currency has lost more than 10 percent of its value against the dollar since the start of the year.

Erdogan also announced Cevdet Yilmaz as Vice President. Yilmaz has served successively as Minister of Development, Deputy Chairman of Erdogan's Adalet ve Kalkınma Party (Justice and Development Party, AK Party), Deputy Minister of Finance and Deputy Minister of Economic Affairs.

Yilmaz, 56, speaks at the Nyumba yamangumi Program and Budget Committee in Turkey, November 2020. Minister of Finance: Mehmet Simsek

Minister of Defense: Yasar Guler

Minister of Interior: Ali Yerlikaya

Minister of Education: Yusuf Tekin

Minister of Family and Communities: Mahinur Ozdemir Goktas

Minister of Labor and Social Security 44 Veda4 Minister of Cities and Climate Change: Mehmet Ozhaseki

Energy and Environment Minister: Alparslan Bayraktar

Youth and Sports Minister: Osman Askin Bak

Culture and Economy Minister: Mehmet Nuri Ersoy

Health Minister: Fahrettin Koca

Mehmet Fatih Minister of Industry and Technology Kacir

Agriculture and Forestry Minister: Ibrahim Yumakli

Trade Minister: Omer Bolat

Minister of Transport and Infrastructure: Abdulkadir Uraloglu

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