Şimşek to remain in economy team of new Turkish cabinet

Deputy Prime Minister Mehmet Şimşek will continue to be part of the economy team in the 65th government, according to sources from Turkey's Prime Ministry.

The Turkish lira rose almost 1 percent against the U.S. dollar after it was announced that Şimşek would be staying on as deputy PM, while the country's main share index in Istanbul was up almost 2 percent.

Sources from within the Prime Ministry then confirmed to Anadolu Agency that Şimşek would indeed remain in charge of economic matters as deputy PM.

President Recep Tayyip Erdoğan has approved a cabinet list drafted by new Prime Minister Binali Yıldırım, one day after commissioning the premier to form a new cabinet in the wake of the Justice and Development (AK) Party's extraordinary party congress on May 22.

Şimşek was appointed as deputy prime minister on Nov. 24, 2015.

The new cabinet announcement came two hours before the Turkish central bank's decision on interest rates on Tuesday.

Economists expect that the bank will cut the overnight-lending rate 50 basis points to 9.5 percent, and leave the one-week repurchase at 7.5 percent and unchanged the overnight borrowing rate at 7.25 percent.

Meanwhile, Nihat Zeybekçi was named economy minister. He had already occupied the position in the past.