President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s multi-billion-dollar sovereign wealth fund, according to a decision published Wednesday in the Official Gazette.
In an overhaul of the Turkiye Wealth Fund, seven new members were appointed, including Erdogan’s son-in-law, Treasury and Finance Minister Berat Albayrak, as the deputy chairman.
The fund was created in the wake of an attempted coup in 2016 to help fund infrastructure projects and shore up markets. It is worth 40 billion dollars, according to state news agency Anadolu.
Last September, Erdogan said the fund had failed to realize a “targeted and desired” outcome.
Erdogan took over as Turkey’s first executive president in July with sweeping new powers, including oversight over economic policy and the ability to appoint the central bank governor.
Investors are closely watching his decisions regarding institutional independence.