Turkey's Simsek to oversee smaller portfolio in new cabinet

Reuters News
Posted: May 26, 2016 2:56 AM

ANKARA (Reuters) - Turkish Deputy Prime Minister Mehmet Simsek will continue to oversee the Treasury and Central Bank in the new cabinet, but his portfolio has shrunk, with regulation of banks and capital markets handed to a minister close to President Tayyip Erdogan.

Simsek, an anchor of investor confidence, was again named as one of five deputy prime ministers on Tuesday after Erdogan appointed a new prime minister, Binali Yildirim.

Simsek will also oversee state banks, but responsibility for the Banking Regulation and Supervision Agency (BDDK) and Savings Deposit Insurance Fund (TMSF) were given to Deputy Prime Minister Nurettin Canikli, according to Numan Kurtulmus, another deputy prime minister.

Kurtulmus spoke to reporters late on Wednesday after a cabinet meeting.

(Reporting by Ayla Jean Yackley; Editing by Nick Tattersall)