Mehmet Şimşek

Mehmet Şimşek (born 1967) is a Turkish economist and politician who has held senior positions in Turkey's financial administration for over a decade. He served as Minister of Economy (2007–2009), Minister of Finance (2009–2015), and Deputy Prime Minister for economic and financial affairs (2015–2018). In June 2023 he was reappointed as Minister of Treasury and Finance, a position he has held since.

Şimşek is known for a career in global financial markets before entering politics. Following the June 2023 elections, his appointment marked a return to orthodox monetary policy—meaning interest rate increases when inflation rises—after Turkey had pursued an opposing approach for five years.

Early life and education

He was born in 1967 in the town of Arıca (Kefre) in Gercüş district, Batman Province in southeastern Turkey. He completed primary and secondary school in Batman and high school in Gercüş. In 1988 he graduated from the Department of Economics at the Faculty of Political Sciences at Ankara University. Following a state scholarship, he obtained a master's degree in finance and economics from the University of Exeter in 1993. He is reported to speak English and Kurdish fluently.

Financial markets career

Before entering politics, Şimşek was a senior economist at the U.S. Embassy in Ankara (1993–1997) and later worked for UBS Securities in New York. Between 1998 and 2000 he was a senior economist and bank analyst based in Istanbul. He spent seven years at Merrill Lynch in London, eventually heading the revenue strategy and macro-economic research division for emerging markets in the EMEA region (2005–2007).

Ministerial positions 2007–2018

He was elected to parliament three times for the ruling AK Party (2007, 2011, 2015). During this period he was among those who shaped government financial policy, implementing tax reforms and establishing a tax authority. He represented Turkey as governor of the IMF, World Bank, IsDB and at G20 meetings. In July 2018, following elections that shifted to a presidential system, the Treasury and Finance portfolio went to Berat Albayrak, and Şimşek left the financial administration.

Return in 2023 and stabilization program

On 3 June 2023 President Recep Tayyip Erdoğan reappointed him as Minister of Treasury and Finance. That same month Hafize Gaye Erkan was appointed governor of the Central Bank (TCMB). The two launched a program based on raising interest rates, controlling government spending, and tight monetary policy. The stated goal was to reduce inflation and restore foreign investor confidence.

According to the IMF's Article IV report for 2025, Turkey's inflation fell from 49.4% (year-on-year) in September 2024 to 30.9% in December 2025, attributed to spending controls and tight monetary policy. The IMF recommended further spending cuts in 2026 and 2027, with a target deficit of 3% of GDP. Şimşek himself stated in 2024 that the goal was for inflation to reach single digits by 2026—a target not achieved.

Controversy and criticism

The program drew criticism from both sides. Government-aligned media alleged in 2025 that high interest rates had reduced industrial output. Regional analysts and research institutions noted that the stabilization was fragile and dependent on continued political support from the presidency. In April 2026, the ministry denied reports of disagreement between Şimşek and manufacturers represented by the Istanbul Chamber of Commerce.

As of May 2026 Şimşek remains in office and has stated that global turmoil stemming from Middle East tensions will affect the economic program but will not change its priority on stabilization.