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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Erdogan forms economic front; Wall Street veteran as central bank head

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Jun 2023 11:20
  • 1 Shares
2 Min Read

The Turkish leader aims to fulfill a campaign promise and tackle a record inflation rate.

  • x
  • Erdogan forms economic front: Wall Street veteran as central bank head
    Turkish President Recep Tayyip Erdogan addresses the media after a cabinet meeting in Ankara, Turkey, December 20, 2021 (Reuters)

Turkish President Recep Tayyip Erdogan appoints a former Wall Street executive as head of the country's central bank, as he attempts to establish an economic front to spearhead Turkey's rocketing inflation rate.

Hafize Gaye Erkan, a former co-CEO of American First Republic Bank and managing director at international financial institution Goldman Sachs, will become the central bank's first woman governor.

During an interview for 24 TV in April ahead of the elections, Erdogan said, “We’re preparing to further strengthen our economic policies in the period ahead,” adding that "a team under the coordination of [former finance minister] Mehmet Simsek, who participated in the economy’s management for years, is making preparations to that end.”

Erdogan, who was recently re-elected for a third term, announced on Saturday the appointment of former Merrill Lynch economist, Mehmet Simsek, as finance minister.

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Simsek formerly served as a finance minister and deputy prime minister in past governments ruled by Erdogan's AKP and is known for opposing the Turkish leader's economic policy to slash interest rates amid rising inflation.

During the term of former central bank chief Sahap Kavcioglu, the interest rate was lowered to 8.5 percent after being at 19 percent in 2021.

In May, the country's inflation rate dropped to under 40 percent, a 16-month low.

Erdogan began curring interest rates to keep investment cheaper and growth more possible, but after inflation started running wild by hitting an estimated 85% annual rate late last year, the president was keen on keeping interest rates low to attract more growth. Unfortunately, that came at the price of the Turkish lira which plummeted gravely.

The Turkish President unveiled his cabinet last Saturday.

President Erdogan announces Türkiye’s new cabinet:

- Cevdet Yilmaz, Vice President
- Hakan Fidan, Foreign Min.
- Yasar Guler, Defence Min.
- Ali Yerlikaya, Interior Min.
- Mehmet Simsek, Treasury & Finance Min.
- Yilmaz Tunc, Justice Min. pic.twitter.com/2LMdfYJU98

— TRT World (@trtworld) June 3, 2023

  • Turkey
  • Hafize Gaye Erkan
  • Recep Tayyip Erdogan
  • inflation
  • Turkish Economy
  • Mehmet Simsek

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