Ali Babacan

Deputy Prime Minister Ali Babacan, who entered the 58th government in 2002 as the youngest cabinet member and sat at the seat of state minister responsible of economy at the age of 38, has been replaced by Cevdet Y?lmaz, who was the minister for development.

With less than two weeks to go to the convention of the Justice and Development Party (AKP), the party leadership is now working on how it can best make use of its experienced politicians and whether they would run in early polls, including former Economy Minister Ali Babacan and Foreign Minister Mevlüt Çavu?o?lu. 

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. 

Global business leaders will discuss World economy risks and their expectations from the Group of 20 countries at the B-20 Turkey conference between Sept. 3 and 5 in Ankara. 

Finance ministers and the central banks of the member states will seek solutions to the recent economic problems at high-level meetings. 

Turkish Prime Minister Ahmet Davuto?lu said the rise in the U.S. dollar?s value is reflexive, and not a signal of any structural or permanent economic crisis in Turkey, during a meeting with a group of Ankara correspondents on Aug. 19. 

The case into 28 people from Turkey's top science body and top telecommunications authority illegally wiretapping the encrypted phones of high-ranking state officials, including then-Prime Minister Recep Tayyip Erdo?an, will begin on July 13. 

The world's leading economies have narrowed down their commitments to boost global growth under a G-20 plan and should be able to demonstrate progress by the end of Turkey's G-20 presidency this year, a senior Turkish official said on June 15.

The Turkish government has seized control of Bank Asya following a 18-month long political battle between President Recep Tayyip Erdogan and exiled Islamic cleric Fethullah Gulen - a move seen as increasing risk premium for Turkish assets a week before parliamentary elections.

Deputy Prime Minister Ali Babacan said on May 30 that Turkish authorities' decision to take over Bank Asya was not ?political.?

?If it was political, why would [the government] wait for one and a half years? All these actions could be taken long time ago if it was a political decision,? Babacan said in an interview to private broadcaster Kanal 7.

Turkish Deputy Prime Minister Ali Babacan has said there are Turkish banks interested in operations in China, after a Chinese bank acquired a majority share in Turkish Tekstilbank.

"The next phase will be a Turkish bank operating in China," Babacan said, speaking at the celebration of Tekstilbank's sale to Chinese Commercial Bank of China Limited (ICBC) on late May 25.