Turkey merges Treasury borrowing units

Turkey merged two units responsible for domestic and foreign borrowing under a new department.

The new general directorate of the Treasury will be responsible for all sales of debt in Turkey and abroad, according to a presidential decree published in the Official Gazette on Thursday.

Turkey’s government merged the Treasury and Finance Ministries into a single ministry under the management of President Recep Tayyip Erdoğan’s son-in-law, Berat Albayrak, last summer. Erdoğan has pledged to centralise and streamline government decision-making under a new more powerful presidential system introduced last year.

The department will also deal with credit ratings agencies and manage meetings with foreign investors, according to the decree.