Turkey hires state-run bank director to head new borrowing unit

Turkey appointed Mustafa Turan, a senior manager at state-run Vakıfbank, to head a newly established domestic and foreign borrowing unit at the Treasury.

Turan will lead the department after Turkish President Recep Tayyip Erdoğan created it via a presidential decree this week, Dünya newspaper reported. Turan’s responsibilities at Vakıfbank included heading its international banking and investor relations unit and structured and trade finance.

Erdoğan says he is centralising and streamlining decision-making and the implementation of policy after introducing a strengthened presidential system last year approved in a nationwide public referendum.

Turkish governments have traditionally appointed Treasury managers by promoting them from positions within the state bureaucracy. Turan has worked at Vakıfbank since 2003, Dünya said. He graduated from Istanbul Technical University in 2002 with a degree in engineering.

Erdoğan and his son-in-law, Treasury and Finance Minister Berat Albayrak, have formed the new Treasury department by merging two separate units responsible for securing borrowing on the international and domestic markets, including bonds and syndicated loans. The department will also be responsible for investor relations.