Turkish Treasury Staff Writes Farewell Letter To Babacan

- The staff of the Undersecretary of Treasury has submitted a farewell letter to Ali Babacan, the departing deputy prime minister in charge of the economy, thanking him for his work over his 14 years in politics.

Former Development Minister Cevdet Yılmaz replaced Babacan, who leaves office due to a Justice and Development Party (AKP) limit on the number of terms its members can serve in parliament.

In the letter, the staff said, “We want to thank you for your highly respected leadership, attention and politeness during even the most difficult times, and your confidence in the Treasury.”

Babacan became a minister in 2002, as the youngest member of the 58th government of the Republic of Turkey, taking a role in the five subsequent governments.

For many foreign investors, a key election question has been the future of Babacan, the 48-year-old former Fulbright scholar and Northwestern University MBA long seen as an anchor of investor confidence.

In the interim power-sharing cabinet, the finance and economy ministers have remained unchanged in a team dominated by AKP loyalists.

Finance Minister Mehmet Şimşek and Economy Minister Nihat Zeybekci both retained their existing roles in the interim cabinet, which will lead Turkey to a new election on Nov. 1.