Erdogan appoints himself sovereign wealth fund chairman

President will manage 200 bn USD in assets

12 September, 17:09

    ISTANBUL - Turkish president Recep Tayyip Erdogan has appointed himself chairman of the country's sovereign wealth, which controls the assets of many of the largest state-owned companies with a total estimated value of about 200 billion dollars.
    Then presidential decree, published on Wednesday in the Official Gazette, also completely changed its board, naming Treasury and Finance Minister Berat Albayrak, Erdogan's son-in-law, as his deputy and acting chairman. Local media say that the choice derives from the head of state's dissatisfaction with the management of the fund, the aims and strategies of which have never been publicly and clearly stated. The move gives Erdogan even stronger control over Turkey's financial policies in the middle of a delicate economic phase due to a crisis afflicting the national currency. Among the assets controlled by the fund - set up in 2016 with the declared aim of promoting public investment - are Turkish Airlines, Turk Telekom, several state banks, postal service, and state railways. 

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