Critics of the president’s economic approach were somewhat heartened by reports that Mr. Erdogan is expected this weekend to appoint Mehmet Simsek, a former finance minister and deputy prime minister, to the cabinet. Mr. Simsek is well thought of in financial circles and has previously supported a tighter monetary policy. Mr. Barkey argues that Mr. Erdogan will have no choice but to make a U-turn on policy by winter, when energy import costs rise and some debt payments are due. Others are more skeptical that Mr. Erdogan will back down from his insistence that high interest rates fuel inflation. To deal with the large external deficit and depleted central bank reserves, Mr. Erdogan has been relying on allies like Russia, Qatar and Saudi Arabia to help bolster its reserves by depositing dollars with the central bank or extending payment deadlines and discounts for imported goods like natural gas.

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Persons: Mr, Erdogan, Mehmet Simsek, Simsek, ”, Henri Barkey, Simsek’s, Barkey, Kadri Tastan, didn’t, “ Organizations: Lehigh University ., German Marshall Fund, Capital Economics Locations: Turkey, Brussels, Russia, Qatar, Saudi Arabia